IDBI, OBC cut home loan rate

IDBI Bank and Oriental Bank of Commerce (OBC), reduced interest rate on home loans by up to 0.25 per cent.

“While the floating interest rates in respect of all loans have been reduced by 0.25 per cent subject to Base Rate, the fixed rate on home loans has been reduced to 11.50 per cent for all loans for a period of 3 to 5 years,” IDBI Bank said. The base rate or the minimum lending rate of IDBI Bank stands at 10.50 per cent.

OBC has reduced interest rates on home loans and vehicle loans by 0.25 per cent and 0.4 per cent respectively. Home loan and vehicle loans shall now be available at reduced rate of as low as 10.65 per cent and 11 per cent respectively, OBC said in a statement.