Mumbai: State-run lender IDBI Bank on Friday reduced its floating home loan rates on new loans across the slabs by up to 75 basis points, effective from April 2.
While the floating interest rate for loans of up to Rs 25 lakh has been reduced by 25 bps, the reduction is progressively higher for larger amounts -- by 50 bps for loans ranging from Rs 25 lakh to less than Rs 75 lakh, a statement from the bank said.
The reduction is 75 bps for loans of over Rs 75 lakh, it added.
With this revision, loans up to Rs 25 lakh will be available at 10.75 percent interest rate, while those above Rs 25 lakh and under Rs 30 lakh will be charged 11 percent.
For loans in Rs 30-75 lakh bracket, the bank will charge 11.25 percent interest rate, while 11.50 percent will be the rate for loans of Rs 75 lakh and above.