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Citi slashes mortgage prime rate by 0.5%

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Press Trust of India Mumbai

Foreign lender, Citibank today cut its mortgage prime rate (MPR) by 0.5 per cent to 13.75 per cent with immediate effect.

The reduction in MPR will benefit all existing borrowers of the bank, a press release issued here today.

"The percentage of revision for loans on variable rates will be 0.5 per cent and the advantage of this downward revision will be passed to all existing mortgage customes with floating rate loans from April 1, 2009," the release said.

With today's reduction, Citi has reduced its MPR by 1 per cent since January, 2009.

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First Published: Mar 31 2009 | 6:50 PM IST

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