Allahabad Bank has reduced interest rates on housing loans with immediate effect. The rate cut is in addition to the concessions given in interest rates and processing fees under the bank’s festival offer.
The rate of interest will be base rate plus 0.05% or 10.25% per annum in the slab of Rs 30-75 lakh under the said housing loan segment.
Earlier in February, the bank reduced its Base Rate and Benchmark Prime Lending Rate (BPLR) by 30 basis points (bps) with effective from February 18, 2013. Accordingly the Base Rate and BPLR of the bank decreased to 10.20% per annum and 14.45% per annum respectively.
