Mangalore: Corporation Bank has reduced interest on home loans and other select schemes with effect from November 17.
A bank release said here on Friday that in respect of home loans (floating rate) up to Rs 30 lakh, interest rates are brought down by 75 basis points and higher reduction is brought about for loans above Rs 30 lakh.
The floating interest rates on “Corp Home” loan up to Rs 30 lakh are 9.75 per cent (10.50 per cent) for loans of tenure up to five years, 10 per cent (10.75 per cent) for loans above five years and up to 15 years, and 10.50 per cent (11.25 per cent) for loans above 15 years.
The floating interest rates on Corp Home loan above Rs 30 lakh are: 10.50 per cent (12.25 per cent) for loans of tenure up to 5 years, 10.75 per cent (12.25 per cent) for loans above five years and up to 15 years, and 11 per cent (12.50 per cent) for loans above 15 years.
The interest rate for Corp Mobile (vehicle loan) scheme is reduced to 12.50 per cent (13 per cent), Corp Consumer (loans for consumer durables) scheme to 14.25 per cent (14.75 per cent) and Corp Vyapar (loan for traders) scheme is reduced to 14 per cent (14.25 per cent).
The above revision in rate of interest is applicable for all existing and fresh loans sanctioned. However, for the existing fixed rate Corp Home loans, prevailing interest rate would continue till the reset date, the release added.