Syndicate Bank cuts home, auto loan rates

Service charges have also been slashed by 50 per cent on all housing loans and vehicle loans

Manipal-based public sector lender Syndicate Bank has reduced the rate of interest on housing loans above Rs 75 lakh by 25 basis points with effect from October 9, 2013.  With this, the rate of interest on all housing loans irrespective of the quantum of loan will be 10.25 per cent.

The bank has also made the base rate applicable to all existing housing loan accounts with immediate effect, Syndicate Bank said in a statement.

Keeping in view the on-going festival season, the bank has already reduced the rate of interest on four wheeler loans from base rate + 0.75 per cent (presently 11 per cent) to base rate + 0.65 per cent (presently, 10.90 per cent).  

Similarly, the rate of interest on two wheeler loans has also been brought down by 50 basis points to 12.25 per cent at current base rate. The Bank has also slashed the service charges by 50 per cent on all housing loans and vehicle loans during the period.