Oriental Bank of Commerce (OBC) has increased the rate of interest on home loans by 50-100 basis points (0.5-1%).The new floating rates for loans up to Rs 20 lakh would be 9.25% for up to 10 years, and 9.50% for maturities of 10-20 years.For loans above Rs 20 lakh, the rate would be 9.75% and 10%, respectively, for the above mentioned maturity periods, the bank said in a statement today.The above rates would be effective from August 7, and would be applicable on new loans sanctioned on or after August 7.There is no change in the bank's benchmark prime lending rate (BPLR), which is presently at 11.50%.
