Allahabad Bank reduces interest rates on housing loans

Kolkata, Sep 5 (UNI) Allahabad Bank has reduced interest rates on fresh housing loans by one per cent with effect from September 4, 2007.

The reduction of rates is applicable for loans both above and below Rs 20 lakh.

Following are rates of interest per annum for sanctioned amount below Rs lakh up to five years maturity floating PLR- 2.75% that is 10.50 % (fixed 12%), for maturity above 5 up to 10 years PLR -2.50% that is 10.75% (fixed 12.25%), for maturity above 10 upto 15 years PLR-2.25% that is 11% (fixed 12.50 %) and for maturity above 15 upto 25 years PLR- 1.75% that is 11.50 (fixed 13%).

The rates of interest per anum for sanctioned amount above Rs 20 lakhs are up to 5 years maturity floating PLR - 2.25 that 11 % (fixed 12.50%), for maturity above 5 up to 10 years PLR - 2% that is 11.25% (fixed 12.75), for maturity above 10 up to 15 years PLR- 1.75 % that is 11.50% (fixed 13%) and for maturity above 15 up to 25 years PLR-1.25% that is 12%(fixed 13.50%), an Allahabad Bank release said today.

UNI