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Central Bank reduces home loan rates
MUMBAI:
Central Bank of India has reduced the interest rates on home loans by 50 basis points "to garner higher market shares in the ensuing festive season". The reduced rates are applicable with effect from September 1. Accordingly, in the fixed category, the interest rate for loans up to five years is reduced to eight per cent from 8.50 per cent; for over five years and less than ten years it is 8.50 per cent (9 per cent) and for ten years and above it is revised to nine per cent. In the floating rate category, the bank reduced the rates to 7.50 per cent for up to five years, eight per cent for over five years and less than ten years and 8.50 per cent for ten years and above.
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