Andhra Bank lowers home loan rates across various tenors; effective January 3

Following several banks' rate cut moves in recent days, Andhra Bank has lowered its home loan rates across various tenors.

The bank has revised marginal cost of funds based lending rate (MCLR) in the range of 8.45% to 8.65% for home loans with various tenors.

The new MCLR rate will be effective from January 3, Andhra Bank said in a filing to the BSE on Monday. 

ALSO READ: SBI slashes MCLR rate by 90 bps across maturities; effective January 1 

The MCLR rate for loan with one year tenor now stands at 8.65% as against earlier rate of 9.45%, it said. 

The bank's revised overnight MCLR rate now stands at 8.45% as against previous rate of 9.25%. 

The new MCLR rate for home loan with one month tenor has been set at 8.50% as compared to 9.30% earlier while the MCLR rate for loan with three months tenor has been set at 8.55% as against previous rate of 9.35%. 

Similarly, the revised MCLR rate for home loan with six months tenor now stands at 8.60% as compared to 9.40% earlier. 

On Wednesday,  the stock of Andhra Bank was closed down 0.52% or Rs 0.25 at Rs 47.70 on the BSE. 

ALSO READ: Here's how to convert Rs 1600 saving on your home loan EMI into Rs 17 lakh!