March 30, 2012: IDBI Bank has decided to reduce its floating Home Loan rates on new loans, across loan slabs up to a maximum of 75 basis points (bps). The revised rates will come into effect from April 2, 2012. While the floating interest rates in respect of loans up to Rs. 25 lakh have been reduced by 25 bps, the extent of reduction is progressively higher for larger loan amounts: by 50 bps on loans ranging from Rs. 25 lakh to less than Rs. 75 lakh and 75 bps on loans of Rs. 75 lakh and above. The Bank had revised its home loan interest rates in August 2011, following a rise in Bank Base Rate (BBR). Subsequently, the Bank had effected certain changes in these card rates for a limited period coinciding with the festive season.
Effective April 02, 2012, the floating interest rates on new sanctions will be as under:
| Loan Amount |
Rate of Interest (p.a.) |
|---|---|
| Up to Rs 25 Lakh |
10.75% |
| Above Rs 25 lakh to Rs 30 lakh |
11.00%* |
| Above Rs 30 lakh to less than Rs 75 lakh |
11.25% |
| Rs 75 lakh and above |
11.50% |
*25 bps higher if Loan to Value (LTV) is above 75%
