Syndicate Bank cuts housing loan rates by 75 bps

Syndicate Bank today reduced its floating interest rates on housing loans by 75 basis points, with effect from November 8, 2008. The revised rates for housing loans up to Rs 20 lakh for tenor up to 5 years shall be 9.25 per cent, up to 10 years 9.75 per cent, up to 20 years 10 per cent and for above 20 years 10.25 per cent.

Similarly, housing loans above Rs 20 lakh and up to Rs 30 lakh for tenor up to 5, 10, 20 years and above 20 years shall be 10 per cent, 10.50 per cent, 10.75 per cent and 11 per cent, respectively.

Housing loans above Rs 30 lakh for tenor up to 5, 10, 20 years and above 20 years shall be 10.50 per cent, 11 per cent, 11.25 per cent and 11.50 per cent, respectively.

The rate of interest for vehicle loans reduced by 75 basis point from 14 to 13.25 per cent. The bank has also reduced rates of interest on other retail loans such as personal loans, consumer loans to 13.50 per cent, where salary is credited in the account. Similarly, new reduced rates for education loans up to Rs 7.50 lakh shall be 11.25 per cent and loans above 7.50 lakh shall be 10.75 per cent.