OBC reduces housing loan rates

Mumbai: Oriental Bank of Commerce (OBC) has reduced the interest rates on housing loans to 11.5 per cent for loan amounts up to Rs 10 lakh and to 12 per cent for amounts more than Rs 10 lakh. The new rates are applicable for fresh and existing loans.

The equated monthly installments for a loan of Rs 1 lakh with a repayment period of 15 years will be Rs 1,160, which according to the bank are the lowest in the industry. Besides housing loans, OBC also provides free housing and accident insurance cover.