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Friday, Mar 08, 2002

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IDBI Bank drops home loan rates

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MUMBAI, March 7

IDBI Bank on Thursday announced a cut in some of its home loan lending rates, with a 50-basis points drop in rates on the longer loan durations (tenors), according to a news release from the bank.

The bank's lending rate for its five-year loans is 11 per cent; with the rate being frozen at 11.5 per cent for both the five to 10 year tenors as well as the 10 to 15 year tenors.

Floating rate loans have been institutionalised as a standard offering, added the release.

IDBI is also offering all loans on a monthly rest basis. This works out to an equated monthly instalment of Rs 2,174 per Rs 1 lakh on the five-year tenor; Rs 1,406 on the five to 10-year tenor, and to Rs 1,168 on the 10 to-15-year tenor.

The bank said it has also abolished penalty for premature payment of loans.

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