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Central Bank cuts home loan rates

CHENNAI: Central Bank of India has decided to charge a fixed rate of interest at 8 per cent for housing loans up to Rs. 20 lakh for one year in respect of loans sanctioned between March 12 and April 30 to support the Government’s endeavour to stimulate growth under the housing sector. With the reduction in interest rate from 9.25 per cent to 8 per cent on loans above Rs. 5 lakh and up to Rs. 20 lakh, the bank has set an additional business target of Rs. 500 crore, says a release. — Corporate Reporter

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