Bank of India cuts home loan rates

The state run, Bank of India (BoI)  announced reduction in its house loan rates by up to 0.75% as well as a 0.25% drop in the base rate to 10.50%.

The new rates will be effective May 1, 2012 the BoI said in a statement.
Accordingly, the new rates will be 10.50% for loans up to Rs 30 lakh, 10.75% for over Rs. 30 lakh. But less than Rs. 75 lakh & 11.25% for those above Rs. 75 lakh.

The rates are floating ones and are linked to the bank's base rate which at present is 10.50%.
Following an unexpected 0.50% cut in the lending rates by the Reserve Bank of India (RBI) in its April 17, 2012 annual monetary policy, some leasing banks like SBI, ICICI Bank, and UBI among others have brought down their lending rates or base rates.


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