IDBI Bank slashes interest rates home loan, cuts deposit rates too

IDBI Bank on Wednesday slashed interest on home loans by 0.25% and the deposit rates in select brackets by up to 0.50%.

Home loans of up to Rs 75 lakh will be available at par with its base rate at 10.50% while those above Rs 75 lakh will have 0.25% more in interest over the base rate, the bank said in a statement.

A slew of lenders, led by State Bank of India have cut home loan rates as the bankers shift their focus on the retail segment following a slowdown in the corporate segment.

The lender also cut its deposit rate by up to 0.50% after Bank of India. Under the new scheme, deposits of up to Rs 15 lakh over seven years but up to 10 years will fetch an interest of 8.50% per annum against the earlier 9% while the 500-day deposit will fetch an interest of 9% versus the earlier 9.25%. 

Source: EconomicTimes