Oriental Bank of Commerce (OBC), in a bid to offer New Year gift to its customer along with increasing its lending base has reduced interest rate payable on home loans of up to Rs 30 lakh by 0.1%. The home loans will now be available at 10.40% with an EMI of as low as Rs 937 per lakh. The base rate or the minimum lending rate of the bank is also 10.40%.
Besides, the bank has also slashed margin for home loans above Rs 20 lakh to 20% while for loans below Rs 20 lakh, the margin will be 15%.
Further, on the deposit side, the bank has waived off penalty on premature withdrawal on its fixed deposit schemes for all maturities.
