Mangalore: Vijaya Bank has cut its interest rates on housing loans by two per cent below the prime-lending rate (PLR). It also now offers a one per cent interest rebate for prompt repayment.

According to a Vijaya Bank release here, the rates of interest presently charged on its housing loan products are 10 per cent for loans of up to five years, 10.5 per cent between five and ten years and 11 per cent in the ten-to-fifteen-year category. The bank has also introduced a floating rate of interest on its housing loans.