OBC to raise home loan rates by 50-75 bps

Oriental Bank of Commerce on Saturday said it will raise home loan rates in the range of 50 to 75 basis points for new borrowers seeking loan up to Rs 20 lakh.

"We may increase it around 50-75 bps probably from May 1," OBC Executive Director Allan CA Pereira said.

The bank has passed on three consecutive increase in PLR to its home loan borrowers but in light of increasing cost of deposit it needs to revise home loan rate, which is around 9 per cent, he said adding that decision to this effect will take place at Asset Liability Committee (ALCO) meeting on Monday.

First Published: Apr 28, 2007 16:00 IST