IOB reduces interest rate for home loans

Chennai, Oct 16 (UNI) Leading nationalised bank Indian Overseas Bank (IOB) has reduced the interest rates for home loans under the floating rate option by 50 basis points (0.5 per cent) with effect from October 18.

The revised interest rates would be applicable for fresh accounts, a bank release here said today.

Additional concession of up to 50 basis points (0.25 per cent for up to Rs 20 lakhs and 0.5 per cent for above Rs 20 lakhs) would be allowed if the margin offered was 25 per cent and above. Concession in Processing Charges of up to 50 per cent would be given, the release said.

UNI