The State-run lender, Syndicate Bank has decided to cut down the interest rates on home loan as a part of festive bonanza. It will be providing home loan up to Rs 25 lakh at interest of 10.5%.
In the press statement issued by the bank said that will charge 10.75% interest on loans above Rs 25 lakh to Rs 75 lakh.
It further mentioned that the bank will finance up to 95% of the cost of vehicle on road.
And as part of festive bonanza, the bank has also decided to eliminate the processing and documentation charges on these loans. And this is done to increase the credit demand in the festive season.