Allahabad Bank Slashes Interest on Housing Loans to 9.75% For 5 Years
Allahabad Bank, one of the leading nationalized
banks, announces festival bonanza by slashing interest rates on Housing
Loans up to 0.75% per annum. In order to make the celebration days
happier for the Housing Loan takers, the Bank has decided to reduce
interest rates on fresh Housing Loans under various maturity buckets by
0.75% p.a. (for loans with maturity up to 5 years) and 0.50% p.a. (for
loans with maturity above 5 years) across the board both on floating and
fixed rates sanctioned by the Bank between 1st October and 31st
December, 2007. This reduction of interest rates on Housing Loans
applicable for maturity both above and below Rs.20 lakhs will be a
welcome feature for its customers in tune with spirit of festivals
ahead.
Effective between 1.10.2007 to 31.12.2007, the
rates of interest per annum for sanctioned amount below Rs.
20 lakhs are upto 5 years maturity floating PLR - 3.50% i.e.
9.75% (fixed 11.25%), for maturity above 5 upto 10 years PLR - 3.00%
i.e. 10.25% (fixed 11.75%), for maturity above 10 upto 15 years PLR
- 2.75% i.e. 10.50% (fixed 12.00%) and for maturity above 15 upto 25
years PLR - 2.25% i.e. 11.00 (fixed 12.50%).
The rates of interest per annum for
sanctioned amount above Rs. 20 lakhs are upto 5 years
maturity floating PLR - 3.00% i.e. 10.25% (fixed 11.75%), for
maturity above 5 upto 10 years PLR - 2.50% i.e. 10.75% (fixed
12.25%), for maturity above 10 upto 15 years PLR - 2.25% i.e. 11.00%
(fixed 12.50%) and for maturity above 15 upto 25 years PLR - 1.75%
i.e. 11.50% (fixed 13.00%).
Publicity Department
29th September, 2007
Press Corner
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