Allahabad Bank reduces home loan rates by 25 basis points

Allahabad Bank will offer home loan at reduced interest rates from April 1, 2008 on new loans. The interest rates on home loans up to Rs. 20 lakh will be reduced by 25 basis points for both floating and fixed term loans. The reduction will be for loans up to 5 years, 10 years, 15 years as well as 20 years.

The revised floating interest rate on home loans will be as follows; up to 5 years is 9.50 per cent (9.75%), for loans up to 10 years 10 per cent (10.25%), 10.25 per cent (10.50%) for loans up to 15 years and 10.50 per cent (10.75%) for loans up to 25 years.

For fixed rate loans up to 5 years, the interest rate will be 11 per cent (11.25%); 11.50 per cent (11.75%) up to 10 years, 11.75 per cent (12%) up to 15 years and 12.25 per cent (12.50%) for loans up to 25 years.