IDBI Bank : Cuts Floating Home Loan Rates by 0.25% to 0.75%

IDBI Bank becomes the first bank to reduce its floating home loan rates on new loans, across loan slabs up to a maximum of 0.75% points. The revised rates will come into effect from April 2, 2012.

While the floating interest rates in respect of loans up to Rs. 25 lakh have been reduced by 0.25%, the extent of reduction is progressively higher for larger loan amounts, that is, by 0.50% on housing loans ranging from Rs. 25 lakh to less than Rs. 75 lakh, and 0.75% on home loans of Rs. 75 lakh and above.             
                                             
 Mr. R. M Malla , Chairman, IDBI said , ''Ourbank wants to increase priority sector lending book by giving concessional rates on housing loans. We will closely watch our cost of funds position to decide if more products can be offered at lower rates. For now, housing loan is a big thrust for us.For revising other rates, we will wait to see what RBI does in the annual policy on April 17, 2012"

	Corporate Office	IDBI Bank Ltd.    IDBI Tower, WTC Complex,    Cuffe Parade, Colaba, Mumbai400005.
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