Public sector lender Corporation Bank has announced a slash in interest rates in home loans. The drop in rates has come to effect from April 01, 2012.
For loans amounting upto Rs 25 lakh now, the interest rate would be 10.75% for a tenor of 5 years, said the bank in a release.
The interest rate for the same period and same amount was 10.8% earlier.
For loans having tenor in the range of 5 years to 10 years, the interest would remain unchanged at 10.8%. The rates would also continue to remain unchanged for tenors of 10 years to 15 years (10.9%) and upto 25 years (11%).