IDBI Bank
lowers home loan rates
 Our Banking Bureau
8 March 2002
Mumbai: IDBI
Bank has announced a cut in some of its home loan-lending rates,
with a 50-basis points drop in rates on the longer loan durations
(tenors), a press release issued here said.
 The
bank’s lending rate for its five-year loans is 11 per cent; with
the rate being frozen at 11.5 per cent for both the
five-to-10-year tenors, as well as the 10-to-15-year tenors.
Floating rate loans have been institutionalised as a standard
offering.
IDBI is also offering all
loans on a monthly-rest basis. This works out to an equated
monthly instalment of Rs 2,174 per Rs 1 lakh on the five-year
tenor; Rs 1,406 on the five-to-10-year tenor, and to  Rs
1,168 on the 10-to-15-year tenor. The bank said it has also
abolished the penalty for the premature payment of loans.
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