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Karnataka Bank slashes home loan rates by 40 basis points

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Private lender Karnataka Bank Ltd has lowered the rate of interest on its housing loans by 40 basis points with effect from June 1.

This change in interest rate would be applicable to loans up to Rs 75 lakh.

“The interest rate on housing loans up to Rs 75 lakh will be 8.6 per cent per annum,” said Karnataka Bank Ltd.

“For housing loans above Rs 75 lakh and up to Rs 5 crore, the interest rate will be 8.9 per cent per annum,” it further said.

“This reduction in interest rate, coupled with the expected reduction in the prices of houses upon the implementation of goods and services tax, will benefit the customers and will boost the demand for the housing sector,” said Mahabaleshwara MS, Managing Director and Chief Executive Officer, Karnataka Bank Ltd.

“The rate cut along with the expected reduction in prices of houses upon implementation of Goods and Services Tax will benefit customers and will boost the demand for the housing sector,” he said.

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