Bank of India (BOI), public sector lender, has slashed its home loan rates by up to 0.75% per annum with effect from May 01, 2012.
Accordingly, for loans up to Rs 30 lakh the new rates will be 10.50%, for loans over Rs 30 lakh but less than Rs 75 lakh it will be 10.75% while for loans above Rs 75 lakh the bank will charge rates at 11.25%.The rates are floating ones and are linked to the bank's base rate which at present is 10.50%.
The bank has taken this step following an unexpected 0.50% cut in the lending rates by the Reserve Bank in its April 17 annual monetary policy. Besides, some leasing banks like SBI, ICICI Bank, and UBI among others have brought down their lending rates or base rates.
Recently, Bank of India has revised its Base Rate from the existing 10.75% per annum to 10.50% per annum and benchmark prime lending rate (BPLR) from 15.00% per annum to 14.75% per annum with effect from May 01, 2012.
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