IDBI raises its RRR on Home Loans by 75 bps

Mumbai, Apr 18 (UNI) The Industrial Development Bank of India (IDBI) today announced that they had decided to raise their Retail Reference Rate (RRR), the benchmark used by the bank for pricing of its floating rate of home loans, by 75 basis points with retrospective effect from April 10 this year.

Accordingly, Retail Reference Rate (RRR) has risen from 10.50 per cent per annum to 11.25 per cent, thereby pushing the floating interest rates of all existing home loan customers by 0.75 per cent, an official statement said.

The Bank's floating rate home loans stand revised to 11.00 -11.25 per cent per annum, depending on the category of the borrowers.

The fixed rate of interest on home loans, for three years shall range from 13.5 per cent per annum to 14 per cent, while that for five years shall range from 13.75 per cent to 14.25 per cent per annum, IDBI clarified.

UNI