IDBI Bank lowers home loan rates
By Our Banking Bureau | 08 Mar 2002
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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 banks 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.
