|
Federal
Bank cuts home loan rates at an interest rate of 9.5%
Our Banking
Bureau
23 October 2002
 Kochi:
Federal Bank has slashed interest rates for its home
loans. Housing loans are now available at an interest
rate of 9.50 per cent onwards.
Equated monthly
instalment at 9.5 per cent for a 60-month tenure works
out to Rs 2,097 for a loan amount of Rs 1 lakh and for
a 20-year loan at 10.5 per cent it is Rs 993 per lakh.
 Federal
Bank is charging a processing fee of 0.25 per cent. Loans
are
available for amounts up to Rs 2 crore and an upper repayment
period of 20 years. It has also permitted the borrower
to repay until the age of 65 years. The income of the
spouse is also considered for sanctioning of the loan.
List of reports on Federal
Bank
|
