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Monday, Nov 04, 2002

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Syndicate Bank cuts home loan rates

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SYNDICATE Bank has reduced the interest rates on its housing loans belonging to both floating and fixed interest categories.

The new floating interest rates are 9.5 per cent per annum with repayment period up to five years, 10 per cent per annum for above five years and below 10 years and 10.5 per cent per annum for the period of repayment of above 10 years and up to 20 years. Similarly, the revised rates for loans under fixed interest category are 9.75 per annum, 10.25 per cent per annum and 10.75 per cent per annum for repayment periods of five years, above five years and up to 10 years and above 10 years and up to 20 years respectively.

In a press release here, the bank stated that irrespective of the quantum of loan availed, it would charge a flat rate of Rs 1,000 as processing fee till December 31. The bank would also sanction loans for purchase of houses up to 25 years old.

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