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The rate cut would be applicable to both existing and new customers, the bank said in a press statement here.
Following the revision, home loans would be now available at an interest rate of 11 per cent against 11.50 per cent earlier, the bank said.
Simultaneously, the margin on housing loans has been enhanced from 15 per cent to 20 per cent for loans of up to Rs 30 lakh and to 25 per cent for loans over Rs 30 lakh, the bank said.
Country's second largest public sector lender Punjab National Bank had recently cut its prime lending rate by 0.5 per cent effective from November 1, and deposit rates from December 1.
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