Allahabad Bank reduces home loan rate by 0.50 per cent

Allahabad Bank will reduce floating home loan rates for loans on loans up to Rs. 20 lakh by 50 basis points, effective from April 1, 2008.   

The decision came following its reduction on the Benchmark Prime Lending Rate (BPLR) by 25 basis points to 13 per cent.

The current interest rates are: 10.25 per cent (5 years), 10.25 per cent (5-10 years), 10.50 per cent (10-15 years) and 10.75 per cent (15-25 years).

The revised rates will be 9.75 per cent (5 years), 9.50 per cent (5-10 years), 10 per cent (10-15 years) and 10.25 per cent (15-25 years).