Allahabad Bank cuts home loan rates

Allahabad Bank has launched a festival season offer, slashing interest rates on housing loans up to 0.75% per annum.

It decided to reduce both floating and fixed rates on fresh housing loans  to be sanctioned by between October 1, 2007, and December 31, 2007, under various maturity buckets by 0.75% p.a. (for loans with maturity up to 5 years) and 0.50% p.a. (for loans with maturity above 5 years) across the board .

This reduction of interest rates is applicable for maturity both above and below Rs 20 lakh.

Effective from October 1 to December 31, the rates of interest per annum for sanctioned amount below Rs 20 lakh up to 5 years maturity are as follows, for floating loans 9.75% and for fixed 11.25%, for maturity above 5 and up to 10 years - floating 10.25% and fixed 11.75%, for maturity above 10 and up to 15 years - floating 10.50% and fixed 12% and for maturity above 15 up to 25 years - floating 11% and fixed 12.5%.

The rates of interest per annum for sanctioned amount above Rs 20 lakh are, for up to 5 years maturity - floating 10.25% and fixed 11.75%, for maturity above 5 and up to 10 years - floating 10.75% and fixed 12.25%, for maturity above 10 and up to 15 years - floating 11% and fixed 12.5% and for maturity above 15 and up to 25 years - floating 11.5% and fixed 13%.