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Karnataka Bank cuts home loan rate by up to 0.40%

LiveMint logoLiveMint 02-06-2017 PTI

New Delhi: Karnataka Bank has slashed housing loan interest rate by up to 0.40% from 1 June.

“With this reduction, now the interest rate on housing loans up to Rs75 lakh will be 8.60% per annum and the interest rate on housing loans above Rs75 lakh and up to Rs5 crore will be 8.90% per annum,” the bank said in a regulatory filing.

The rate cut along with the expected reduction in prices of houses upon implementation of GST will benefit customers and will boost the demand for housing sector, said Mahabaleshwara M S, managing director & CEO, Karnataka Bank.

The private sector bank has a total of 769 branches across the country and 1,400 ATM locations besides 110 e- lobbies.

The bank aims to generate a business turnover of Rs1.1 lakh crore for the current fiscal.

Stock of the bank closed 1.40% down at Rs176.45 on BSE.

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