OBC cuts interest rate on home loan by 0.5 pc

State-owned Oriental Bank of Commerce (OBC) today cut home loan rate by 0.5 per cent to 10.25 per cent.

The bank has reduced the interest rates on home loans of above Rs 75 lakh by 0.5 per cent from 10.75 per cent to 10.25 per cent, OBC said in a statement.

"Now, all home loans irrespective of loan amount are available at uniform rate of 10.25 per cent at bank's base rate," it said.

Last week, SBI slashed home loan rate by up to 0.15 per cent and removed the slab for advances.

Home loan of any amount is now available at 10.15 per cent while for women borrower the rate of interest would be 10.10 per cent.

The base rate or the minimum lending rate below which the bank cannot lend is 10 per cent.

The country largest lender, SBI, had also removed two home loan slabs -- under Rs 75 lakh and above Rs 75 lakh. So as per the revised statement, the concessional 0.05 per cent interest rate has been maintained for women borrowers provided she is the sole applicant or the first of the co-applicants and also the sole or the first of the co-owners of the property.