Allahabad Bank cuts home loan rates

Rate cut in addition to concessions in interest rates, processing fees under festival offer

Allahabad Bank today said it 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.

"This rebate in interest has been allowed in the slab of Rs 30-75 lakh under the said housing loan segment. The rate of interest will be base rate plus 0.05% or 10.25% per annum in the aforesaid slab and sector with immediate effect till the last date of availability of the festival bonanza offer on March 31, 2013," the bank said in a statement.
 

The state-run lender is offering discounts on retail loans under its festive offer since September 3, 2012.