Bangalore: Vijaya Bank today (Nov 19) slashed interest rates on home loans by 50 to 75 basis points to touch seven per cent per annum for up to five years.

With the equated monthly instalment now works to Rs 1,980 per lakh, Vijaya Bank in a statement said the new rate offered on home loan is the lowest among the public sector banks and perhaps the lowest in the banking industry.

The interest on loans from five to 10 years was eight per cent and above eight years 8.25 per cent.

The benefit of reduced interest rate will also be extended to the existing housing loan borrowers, who have opted fixed rate of interest earlier on payment of upfront fee of one per cent, it said.

PTI