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Our Bureau

Kolkata, March 18

Allahabad Bank has decided to reduce interest rates by 25 basis points for both floating and fixed term loans of up to Rs 20 lakh on all maturities.

According to a press release, the interest rate has been reduced as the bank has been able to reduce the cost of incremental deposits, because of the general market scenario, and also to boost the demand for housing loans, particularly among small and medium category borrowers.

The reduction will be effective from April 1 on all fresh sanctions.

Accordingly, the minimum interest rate on housing loan for a five-year period will be 9.5 per cent per annum, the maximum being 10.50 per cent for 15-25 years in PLR-linked loans.

More Stories on : Housing Finance | West Bengal | Interest Rates

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