Syndicate Bank reduces interest rate on Housing loan

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Bangalore, Nov 10 (UNI) Consequent to recent downward revision in BPLR by 75 basis point, Public Sector Syndicate Bank has reduced floating interest rates on housing loans.

The revised rates, effective from November 8 for Housing loans upto 20 lakh for tenor upto 5 years shall be 9.25 percent, upto 10 years - 9.75 per cent, upto 20 years -10.00 per cent and for above 20 years 10.25 percent, according to a release here today.

Similarly, housing loans above 20 lac and upto 30 lac for tenor upto 5,10,20 years and above 20 years shall be Ten per cent, 10.50 per cent, 10.75 per cent and Eleven per cent respectively.

For housing loans above 30 lac for tenor upto 5,10,20 years and above 20 years shall be 10.50 per cent, Eleven per cent, 11.25 per cent and 11.50 per cent respectively.

The above revision is despite not having increased the rates at the time of earlier BPLR hike during August 2008.

The rate of interest for vehicle loans stands reduced by 75 basis point from 14 to 13.25 percent. The bank has also reduced Rates of interest on other retail loans such as personal loans, consumer loans to 13.50 percent where salary is credited in the account.

Similarly, new reduced rates for education loans upto 7.50 lakh shall be 11.25 percent and loans above 7.50 lakh shall be 10.75 percent.

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