IDBI Bank home loans to cost more

IDBI Bank today raised its retail reference rate (RRR), the benchmark used for pricing floating rate home loans, by 0.75%.

The revised RRR thus stands at 11.25% per annum, from 10.50% earlier.

The new rate has come into effect from April 10, a release from the public sector bank said here.

The floating interest rates of all existing home loan customers have also been increased by 0.75% and stand revised at between 11-11.25% per annum, depending on the category of borrowers.

The fixed rate of interest on home loans for three years shall now range from 13.5% to 14% per annum while those for five years will range from 13.75% to 14.25% per annum, the release added.