Syndicate Bank lowers housing loan rate

Tue. November 11, 2008; Posted: 01:34 AM

Bangalore, Nov 10, 2008 (Asia Pulse Data Source via COMTEX) -- SYABF | Quote | Chart | News | PowerRating -- Consequent to recent downward revision in BPLR by 75 basis point, Syndicate Bank has reduced floating interest rates on housing loans.

The revised rates for housing loans up to 20 lakh for tenure up to 5 years will be 9.25 per cent, up to 10 years - 9.75, up to 20 years - 10.00 and for above 20 years 10.25 per cent, a release said.

Housing loans above 20 lakh and up to 30 lakh for a tenure up to 5, 10, 20 years and above 20 years shall be 10.00, 10.50, 10.75 and 11.00 per cent respectively.

For housing loans above 30 lakh for tenure up to 5, 10, 20 years and above 20 years shall be 10.50, 11, 11.25 and 11.50 per cent respectively.

The above revision is despite not having increased the rates at the time of earlier BPLR hike during August 2008. The rate of interest for vehicle loans stands reduced by 75 basis point from 14 to 13.25 per cent. The bank has also reduced rates of interest on other retail loans such as personal loans, consumer loans to 13.50 per cent where salary is credited in the account.

Similarly, new reduced rates for education loans up to 7.50 lakh shall be 11.25 per cent and loans above 7.50 lakh shall be 10.75 per cent.

All these rates have been revised with effect from November 8, the release said.

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