IDBI Bank cuts home loan rates by 0.5 pc

Mumbai, Nov 4 (UNI) IDBI Bank today reduced its home and educational loan rates by 0.5 per cent with immediate effect, following the recent cuts in key rates by the Reserve Bank of India (RBI).

The rate cut will be applicable to both existing and new customers, a release issued by the bank said.

Home loans will be now available to customers at an interest rate of 11 per cent against the earlier 11.5 per cent, the bank said.

Simultaneously, the margin on housing loans has been enhanced from 15 per to 20 per cent for loans up to Rs 30 lakh and to 25 per cent for loans over Rs 30 lakh.

Punjab National Bank had yesterday cut its prime lending rate by 0.5 per cent, effective from November 1 and deposit rates from December 1.

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