Federal Bank cuts home loan rates at an interest rate of 9.5%

By Our Banking Bureau | 23 Oct 2002

1

Kochi: Federal Bank has slashed interest rates for its home loans. Housing loans are now available at an interest rate of 9.50 per cent onwards.

Equated monthly instalment at 9.5 per cent for a 60-month tenure works out to Rs 2,097 for a loan amount of Rs 1 lakh and for a 20-year loan at 10.5 per cent it is Rs 993 per lakh.

Federal Bank is charging a processing fee of 0.25 per cent. Loans are available for amounts up to Rs 2 crore and an upper repayment period of 20 years. It has also permitted the borrower to repay until the age of 65 years. The income of the spouse is also considered for sanctioning of the loan.

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