Dena Bank Has Cut Interest Rates


Last week State Bank of India, The largest lender of India had reduced its interest rates by 10 basis points on home loans above Rs 75 lakh. The PTI reported that Dena bank also reduces its interest rates by 5 basis point above Rs 30 lakh to Rs 75 lakh, above 75 lakh it gives 10 basis points of interest rates.

On June 7, the RBI reduced LTV (Loan To Value)ratios, risk weights and standard assts providing rate for individual housing loan for new customer are anoounced in the 2nd bi-monthly monetary policy review. The Central Bank lowered the risk weight to 50%, for housing loan above 75%.  

This reduction led to reduction in risk weight by the Reserve Bank up to Rs 75 lakh loan and the rate is 8.60% per annum. The new rate is decided above 75 lakh is MCLR is +0.10 bps or 8.70%. The bank said that this will passed on benefit of RBI’s risk weight reduction to customer.

This reduction in risk weightage on home loan would boost housing demand and will help in overall growth of the real estate sector, said by CREDAI. 

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