The public sector lender, Vijaya Bank has lowered its interest rates on housing loans.

The bank, in a press release said that it will increase retail lending and give emphasis on home loan portfolio; bank has launched a ‘Summer Bonanza Special Campaign' running up to June 2013.

The rate of interest on home loans has been cut up to the extent of 75 basis points in certain slabs.

The Processing and documentation charges have been fully waived off from the home loan portfolio. Maximum repayment period is increased from 25 years to 30 years.

For loan amount less than Rs 75 lakh, rate of interest linked to base rate (floating) is 10.25 per cent per annum and EMI per lakh is Rs 896.

For loans up to Rs 75 lakh and above, rate of interest linked to base rate (floating) is 10.50 per cent per annum and EMI per lakh is Rs 915.