Bangalore, Oct 29: Syndicate Bank today announced a cut in floating interest rates for its Syndnivas housing loans at 7.75 per cent per annum for six years with effect from November 01. The interest rates on loan from 6 to 12 years is 8.25 per cent and the corresponding floating rates from 12 to 18 years and above 18 years to 25 years would be 8.5 per cent and 8.75 per cent per annum respectively, a bank statement said here.
"The new lower rates are applicable to new as well as existing housing loans which are regular. The bank is also waiving processing fee on all fresh housing loans from November 01 to march 31, 2004", it said.
For Syndvahan, its vehicle loan scheme, Syndicate Bank has reduced it to 9.5 per cent per annum on loans upto rs 2.5 lakhs and 10.5 per annum on loans above rs 2.5 lakhs, the statement said.
Bureau Report