Bank of Rajasthan (BoR), a leading private sector bank with a prominent presence in Rajasthan, has slashed home loan rates. As per the revised rates, for loans up to 30 lakh and having tenures ranging from 10-15 years, the bank will charge a floating rate of eight percent interest for the first year, nine percent each for the second and the third year.

The bank said that fourth year onwards a rate of 9.5 percent will be applicable.

For loans with 15-20 years maturity, rate of interest for the first year will be 8 percent, 9 percent for both second and third years and from fourth year onwards 9.75 percent, it said.

The reduced rates are applicable for all the fresh home loans sanctioned up to 31st December, 2009.

Many banks have been cutting down home loan interest rates this festive season. Some of them include Canara bank, IDBI and PNB.

Bank of rajasthan has also entered a strategic tie-up with Hyundai motors India Ltd.(HMIL) to bring down car loan rates. The association between the two will make car loans available at a lower and attractive rate of 10.50% p.a for salaried professionals and 11 % for others. The loan limit will be 90% of the ex-showroom price and for a maximum tenure of 5 years.