Mangaluru: City based private sector bank Karnataka Bank has reduced its interest rates on housing loans with effect from June 1 up to 40 bps. With this reduction, now the interest rate on housing loans up to Rs 75 lakh will be 8.60% pa and interest rate on housing loans above Rs 75 lakh and up to Rs 5 crore will be 8.90% p.a.
Mahabaleshwara M S, managing director and CEO of the Bank said that this reduction in interest rate coupled with the expected reduction in the prices of houses upon implementation of GST will benefit the customers and will boost the demand for housing sector. The Karnataka Bank has 769 branches, 1400 ATMs and 110 E-lobbies, across the country and is on a growth trajectory.
