Corporation Bank has introduced an external benchmark linked home loan product in the Bank. RBI's Repo rate has been selected as the external benchmark for this purpose. Now, with this new variant, customers will have the option to select between MCLR linked rate, which is indexed to the Bank's cost of funds or RLLR rate (Repo Linked Lending Rate), which is linked to RBI's Repo Rate.
The RLLR of the Bank has been fixed at 8.20% (i.e. Repo Rate + 2.80%). With the introduction of RLLR rate, the customers can now avail home loans starting at 8.50%.
Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.