Central Bank of India has become the latest player to join the rate cut war by reducing its floating and fixed interest on housing loans by 0.25 to 0.5 per cent with effect from February 10.
The revised floating rate for a loan of up to five years would be 8.5 per cent (9 per cent earlier). The interest in case of 5-10 years and 10-20 years would now be 9 per cent (9.5 per cent) and 9.5 per cent (10 per cent) respectively, the bank said in a release on Friday.
Simultaneously, interest rates for fixed category stands reduced to 8.75 per cent (9.25 per cent) for up to five years, 9.25 per cent (9.75 per cent) for 5-10 years and 10 per cent (10.25 per cent) for 10-20 years, it said.
The existing period of repayment for 15 years has now been enhanced to 20 years in both the categories, the bank said adding, processing fees have also been waived till March 31, 2003.
PNB cuts housing rates to 8.50 per cent
HDFC drops home loan rates by 0.5-0.75%
Canara Bank cuts housing loan rates