Consequent to the hike in the base rate by 0.5 per cent, Corporation Bank has revised the rate of interest on its home loan (Corp Home Smart) and vehicle loan (Corp Vehicle Smart) schemes, with effect from November 8.
A bank release said that the floating rate of interest for loans up to Rs 30 lakh under ‘Corp Home Smart' scheme is 8.25 per cent for the first year. For the next two years, the rate will be 8.75 per cent. From the fourth year onwards, it will be one percentage point above the base rate then prevailing.
Under the fixed rate, the rate of interest is 9 per cent for the first year. For the next two years, the rate will be 10.25 per cent. Fourth year onwards, it will be 4 per cent above the base rate prevailing at the time of reset, with reset frequency of five years.
The floating rate of interest for loans above Rs 30 lakh under ‘Corp Home Smart' is 8.50 per cent for the first year. For the next two years, it will be 9 per cent. Fourth year onwards it will be 125 basis points above the base rate then prevailing.
Under the fixed rate, the rate of interest is 9.25 per cent for the first year. For the next two years, it will be 10.50 per cent. Fourth year onwards it will be 450 basis points above the base rate prevailing at the time of reset, with reset frequency of five years.
Under ‘Corp Vehicle Smart' scheme, the interest rate is 8.50 per cent for the first year. For the second year onwards, it will be 2.25 per cent above the base rate, then prevailing.
+1.jpg)
0 comments
Post a Comment