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Our Bureau

Hyderabad , June 28

IN a sharp contrast to the apprehensions on increase in housing loan interest rates, the Oriental Bank of Commerce (OBC) has decided to reduce housing finance rates effective July 1.

The move was aimed at making its housing loan schemes more attractive and competitive, the bank said in a press release here on Tuesday.

The bank has slashed interest rates on housing loans ranging from 25 basis points to 75 basis points. The bank said the revised rates were applicable to all the prospective housing loan borrowers.

However, the existing housing loan borrowers may also opt for the revised interest rate structure on paying a fee of one per cent on the present outstanding loan amount so as to avail the benefit of reduction of interest rates, said the OBC Deputy General Manager, Mr K.C. Vijai Vargi.

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