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Karnataka Bank Drops Home Loan Rates by up to 0.40%
June 14, 2017
Karnataka Bank has reduced the interest rates for housing loans by as much as 0.40%, which will be effective from June 1 onwards. The bank, in a regulatory filing, said that after the revision, the new interest rate will be 8.60% for housing loans up to Rs. 75 lakhs, and 8.90% for housing loans from Rs. 75 lakhs and Rs. 5 crores.
According to Mahabaleshwara M S, CEO and MD, Karnataka Bank, the slashing of the interest rates will benefit the customers and increase the demand in the housing sector, especially with the expected reduction in house rates after GST implementation.
