Following its larger peers,the state-run Bank of India (BoI) today announced reduction in its home loan rates by up to 0.75 percent as well as a 0.25 percent drop in the base rate to 10.50 percent.
The new rates will be effective May 1,the bank said in a statement.
Accordingly,the new rates will be 10.50 percent for loans up to Rs 30 lakh,10.75 percent for over Rs 30 lakh but less than Rs 75 lakh and 11.25 percent for those above Rs 75 lakh.
The rates are floating ones and are linked to the bank’s base rate which at present is 10.50 percent.
Following an unexpected 0.50 percent cut in the lending rates by the Reserve Bank in its April 17 annual monetary policy,some leasing banks like SBI,ICICI Bank,and UBI among others have brought down their lending rates or base rates.