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

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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. 

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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. 

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