IDBI Bank cuts fixed home loan rates
IDBI Bank cuts fixed home loan rates IDBI Bank has cut the interest rates on fixed home loans by about 100 basis points but kept the floating interest rates unchanged, with effect from September 1, reports Business Line. >For fixed loans, the revised rate for loans up to three years is 12.5% from 13.5-14% and for loans up to five years it is 12.75% from 13.75-14.25%. The floating rates remain unchanged at 11.25%. Among other banks that cut home loan rates, Bank of Baroda, had reduced the home loan rate up to 50 basis points, last month. IDBI bank has also increased rates on some of its fixed deposits, up to Rs 1.5 million for a period of nine months to one year to 7.75% from&nbs p;7.25%; from one year to one year six months - 8.5 % from 8% ; one year six months to two years - 8.5 % from 8%; two years to three years - 8.5% from 8%; three years to five years - 8.75% from 8.25%; five years to less than 10 years - 8.75% from 8.25% and for 10 years 8.75% from 8.25%. Shares of the bank gained Rs 2.20, or 1.65%, to end at Rs 135.30. The total volume of shares traded was 2,972,495 at the BSE (Tuesday).
