Oriental Bank of
Commerce (OBC) has reduced interest rate on housing loans of up to Rs. 30 lakh
by 0.1%.
As a new year (2013)
gift to customers, housing loans will now be available at the interest rate of
10.40% with an EMI (Equated Monthly Instalment) of as low as Rs. 937 per lakh.
The base rate or the
minimum lending rate of the bank is also 10.40%. Besides, the bank has also
slashed margin for housing loans above Rs. 20 lakh to 20%.
For loans below Rs 20
lakh, margin will be 15 per cent. On the deposit side, the bank has waived off
penalty on premature withdrawal on its fixed deposit schemes for all maturities.
Earlier, India's leading private sector bank HDFC Bank
slashed its benchmark lending rates by 0.1%. The base rate of the bank was
reduced to 9.7% from 9.8%. At the same
time, the benchmark prime lending rate (BPLR) of India's second largest private
bank HDFC Bank was also slashed by similar margin to 18.20%.
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