Banks plan cuts in home loan rates

 The list includes Vijaya Bank, Punjab National Bank, Canara Bank and ICICI Bank. Indian Overseas Bank today sent notices to its branches informing them of a 25 basis points (0.25 per cent) reduction in interest rates on housing loans, effective from November 1.

 While Canara Bank is contemplating a reduction of 25 basis points, Vijaya Bank proposes to realign interest rates for loans with over 5 years tenure.