Mumbai, Nov 7 (PTI) Public sector lender, Central Bank of India today said it has reduced its floating interest rates on housing loans by 0.50 per cent.
The new rates are with effect from November 10.
Accordingly, interest rates on housing loans up to Rs 30 lakh now stand reduced from 9.50 per cent to 9 per cent for a tenure of up to five years, a release issued here stated.
For loans over 5 years to 10 years, the rate is now 9.50 per cent as against the earlier 10 per cent while for loans repayable in 10 years and above, the rate stands reduced from 10.50 per cent to 10 per cent, the release said.
For loans of over Rs 30 lakh, the rate is now 10.25 per cent as against the earlier 10.75 per cent for a tenour of up to five years.
For loans over 5 years up to 10 years, the interest rate stands reduced to 10.75 per cent from 11.25 per cent and for loans repayable in 10 years and above, the rate applicable is 11.25 per cent as against the earlier 11.75 per cent, the release said.
Interest rates on loans under the fixed category remain unchanged, the bank said.
Central Bank, had, yesterday, announced a cut in its prime lending rate by 0.75 per cent.
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