State Bank of Travancore has offered to re-price existing home loans at lower interest rates.

Under this option, borrowers can switch to prevailing floating rates that are at a discount to the prime lending rate.

The borrower has to pay a one-time ‘switchover fee’ of one per cent of the outstanding loan, a bank spokesman said. The revised lending rate will be linked to the bank’s prime lending rate.

The new facility would provide a level-playing field to all home loan borrowers in the same slab, the spokesman added.

>vinson@thehindu.co.in

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