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OBC rolls back interest rate hike
Published on Mon, Aug 07, 2006 at 17:23 in Money » Tax section
Tags: Home Loan,interest Rates, Obc , New Delhi
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New Delhi: The Oriental bank of Commerce has decided to roll back its recent half a per cent hike in home loan rates.
The bank would take a fresh call on interest rates for home loan up to Rs 20 lakh on September 30, after analysing the entire housing loan portfolio.
This comes after the board of the bank met to discuss the recent hikes in interest rates.
But the Andhra bank board has ratified the rate hike and has also said that all loans will be in floating rates.
The boards of the PSU Banks had met today following the directive of the finance ministry, asking them to review the recent hike in PLRs by banks.
OBC had announced that floating rate for home loans of up to Rs 20 lakh would go up by 0.5 per cent to 9.25 per cent for 10 years and 9.5 per cent for above 10 years.
It had also raised interest rate for loans above Rs 20 lakh to 9.75 per cent and 10 per cent for up to 10 years and above 10-year repayment tenures, respectively.
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