Congress asks banks to cut interest rate on housing loans

New Delhi, Mar 19 (UNI) The Congress Party today said the lowering of home loan interest by the Central Bank of India and Allahabad Bank should be emulated by other nationalised and private banks so that it would help to bring down inflation.

The Central Bank of India has reduced the rate of home loan interest by 0.25 per cent on floating and fixed interest rates, while the Allahabad Bank has brought it down by 0.5 per cent.

"This move by these two banks would benefit thousands of people across the country who avail of bank loans to finance the purchase of homes,"AICC Spokesman Manish Tewari told mediapersons.

He appealed to the Indian Banking Association to immediately call for a meeting of all its member banks in the public sector and private sector and ask them to follow suit so that all banks could align interst rates and prive relief to millions of people across the country.

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