Finally, a foreign bank has reduced its interest rate. Citibank announced its plans to reduce home loan rates by 50 basis points. The bank, which had announced a similar cut in January, will see its mortgage prime rate fall to 13.75 per cent from April 1, 2009. A bank spokesperson said that depending on loan tenure and amount as well as the customer’s relationship with the bank, a customer could get a loan at up to 50 basis points cheaper than the current rate.

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