Indian Bank : Cuts Housing Rate By Up to 0.50%

The State owned Indian Bank had reduced interest rates on housing loan by up to 0.5% to increase disbursements in home loan segments. The Chennai based bank tweaked interest rates of retail loans soon after finance minister Mr. P Chidambaram advised banks to keep EMIs at affordable level.

“We have recently reduced interest rate on housing loan with an aim to increase credit disbursement in this segment” Indian Bank chairman and managing director Mr. T M Bhasin said.

In the housing loan segment, rate has been reduced by up to 0.5%, effective August 25, 2012

Housing loan up to Rs. 30 lakh is now available at 10.5% or base rate irrespective of the tenure of the loan.

Similarly, rate has been reduced for home loans between Rs. 30 lakh to Rs. 75 lakh to 10.75% or base rate plus 0.25%.

 

The Indian Bank has also waived of processing or administrative charges on home loan.

Now, the base rate or the minimum lending rate of the Indian Bank stands at 10.5%.

Corporate Office - Postal Address

Indian Bank, Corporate Office,

PB No: 5555, 254-260, Avvai Shanmugam Salai,

Royapettah, Chennai - 600 014

Corporate Office - Phone Number

044 -2813 4300

HEAD OFFICE indmail@indianbank.co.in

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