Allahabad Bank reduces interest rates on housing loans by 1%
In view of the ensuing festive season, Allahabad Bank, one of the leading nationalized banks, has decided to reduce interest rates on fresh Housing Loans under various maturity buckets by 1% across the board both on floating and fixed rates sanctioned/availed from the Bank w.e.f. 4th September, 2007. This reduction of interest rates on Housing Loans applicable for loans both above and below Rs.20 lakhs will be a welcome feature to the Housing Loan aspirants and trust it will increase credit off-take under Housing Loan Scheme of the Bank.
Effective from 4.9.2007, the rates of interest per annum for sanctioned amount below Rs.20 lakhs are Up to 5 years maturity floating PLR - 2.75% i.e. 10.50% (fixed 12%), for maturity above 5 up to 10 years PLR - 2.50% i.e. 10.75% (fixed 12.25%), for maturity above 10 up to 15 years PLR - 2.25% i.e. 11% (fixed 12.50%) and for maturity above 15 up to 25 years PLR - 1.75% i.e. 11.50 (fixed 13%).
The rates of interest per annum for sanctioned amount above Rs.20 lakhs are Up to 5 years maturity floating PLR - 2.25% i.e. 11% (fixed 12.50%), for maturity above 5 up to 10 years PLR - 2% i.e. 11.25% (fixed 12.75%), for maturity above 10 up to 15 years PLR - 1.75% i.e. 11.50% (fixed 13%) and for maturity above 15 up to 25 years PLR - 1.25% i.e. 12% (fixed 13.50%).
Publicity Department
5th September, 2007
Press Corner
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