Housing finance company, Deutsche Postbank Home Finance has declared a 50 basis points reduction in its home loan rates.
The firm said that interest rates on home loans of all existing variable rate customers will be slashed by 50 basis points. In the coming months, the benefit of the rate cut will be passed on to all existing floating rate customers. The benefit passed will be based on reset dates.
The rate cut was announced by the firm on Monday, May 11th and it is the second cut in the past four months.
Earlier on March 1st, 2009 the bank had also implemented a cut of 50 basis points in its benchmark rates.
The latest cut has enabled the customers to enjoy an overall reduction of 1% in their home loan rates in a gap of just four months.
Deutsche Postbank Home Finance is a part of Deutsche Postbank Group, which is the largest retail bank in Germany. It has a network of around 40 branches and satellite offices across India ensuring door step accessibility in almost all the major urban hubs.