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Mumbai, Sept. 18 IDBI Ltd cut the interest rates on fixed home loans by about 100 basis points with effect from September 1. However, the floating interest rate continues to remain unchanged. The bank has also increased rates on fixed deposits for some maturities.

For fixed loans the revised rate for loans up to three years is 12.5 per cent (13.5-14 per cent) and for loans up to five years it is 12.75 per cent (13.75-14.25 per cent). The floating rate remains unchanged at 11.25 per cent, said a press release from the bank.

Among other banks that cut home loan rates is Bank of Baroda, which reduced the home loan rate up to 50 basis points, last month.

IDBI also raised deposit rates on fixed deposits up to Rs 15 lakh for a period of nine months to one year to 7.75 per cent (7.25 per cent); from one year to one year six months - 8.5 per cent (8 per cent); one year six months to two years - 8.5 per cent (8 per cent); two years to three years - 8.5 per cent (8 per cent); three years to five years - 8.75 per cent (8.25 per cent); five years to less than 10 years - 8.75 per cent (8.25 per cent) and for 10 years 8.75 per cent (8.25 per cent).

More Stories on : Housing Finance | Interest Rates | Private Banks

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