Central Bank cuts interest rates on floating housing loans

Public sector lender, Central Bank of India today said it has reduced its floating interest rates on housing loans by 0.50%.     

The new rates are with effect from November 10.     

Accordingly, interest rates on housing loans up to Rs 30 lakh now stand reduced from 9.50% to 9 % for a tenure of up to five years, a release issued here stated.     

For loans over 5 years to 10 years, the rate is now 9.50% as against the earlier 10% while for loans repayable in 10 years and above, the rate stands reduced from 10.50% to 10%, the release said.     
For loans of over Rs 30 lakh, the rate is now 10.25% as against the earlier 10.75 % for a tenour of up to five years.     

For loans over 5 years up to 10 years, the interest rate stands reduced to 10.75% from 11.25 % and for loans repayable in 10 years and above, the rate applicable is 11.25% as against the earlier 11.75 per cent, the release said.     

Interest rates on loans under the fixed category remain unchanged, the bank said.     

Central Bank, had, yesterday, announced a cut in its prime lending rate by 0.75%.