Date:02/01/2009 URL: http://www.thehindu.com/2009/01/02/stories/2009010260561700.htm

Business - Briefly

IOB’s package for housing loans

CHENNAI: Indian Overseas Bank has formulated special package for housing loans. According to a release, housing loans up to Rs. 5 lakhs carry interest at the rate of 8.50 per cent annually. Interest at the rate of 9.25 per cent is charged for loans above Rs. 5 lakhs and up to Rs. 20 lakhs. The package provides free insurance cover for the borrowers, says a release. — Corporate Reporter