Corporation Bank, Mangalore-based lender, has slashed interest rates on home and vehicle loans from 10 basis points to 75 basis points for different tenors and the amount of loans sanctioned. The revised interest rate will be with effect from June 1, 2012.
The bank will charge 10.50% for home loans up to 10 years tenor and for amount up to Rs 25 lakh; 10.75% for loans above Rs 25 lakh and up to Rs 50 lakh; and 11% for loans above Rs 50 lakh and up to Rs 1 crore; and 11.25% for loans above Rs 1 crore.
For home loans, above10 years and up to 25 years tenor, new rates will be 10.75% for amount up to Rs 25 lakh ; 11% for loans above Rs 25 lakh and up to Rs 50 lakh; and 11.25% for loans above Rs 50 lakh. The is no change in fixed rate of interest for amount up to Rs 25 lakh 13.35%, and for loans above Rs 25 lakh at 13.85%.
In the case of vehicle loans, the rate of interest for period up to five years is 12%, and above five years and up to seven years it is 12.50%.
