Central Bank of India has reduced its lending rates on new home loans
upto Rs 20 lakh at 8 %  for the 1st year.

Lending rates for loans b/w Rs 5 lakh to Rs 20 lakh will now be offered at 8 % as against 9.25 % earlier.

After 1 year, this rate will be reviewed according to the prevailing market situations, a Central Bank official said.

Loans sanctioned between March 12 and April 30, 2009 can avail the benefit of the scheme, the bank said.
State owned banks started cutting their home loan rates after country’s largest lender, State Bank of India reduces  its new home loan rates at 8 per cent for one year recently.

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