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Karnataka Bank, a scheduled commercial bank has slashed housing loan interest rate by up to 0.40% or 40 bps effective from June 1.
- The bank in a regulatory filing said that for the housing loans up to Rs 75 lakh the interest will be 8.60% per annum and the interest rate on housing loans above Rs 75 lakh and up to Rs 5 crore will be 8.90%, per annum.
- Karnataka Bank, MD and CEO, Mahabaleshwara MS said that the rate cut along with the expected reduction in prices of houses upon implementation of GST will benefit customers and will boost the demand for the housing sector.
- The private sector bank has a total of 769 branches across the country and 1,400 ATM locations besides 110 e- lobbies.
- Karnataka Bank Ltd ended at Rs 176.8, down by Rs 2.15 or 1.2% from its previous closing of Rs 178.95 on the BSE.
- The scrip opened at Rs 180.9 and touched a high and low of Rs 181.15 and Rs 176.05 respectively. A total of 6333768(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 4998.2 crore.
- The BSE group 'A' stock of face value Rs 10 touched a 52 week high of Rs 181.15 on 02-Jun-2017 and a 52 week low of Rs 100.2 on 22-Nov-2016. Last one week high and low of the scrip stood at Rs 181.15 and Rs 164.75 respectively.
- The promoters holding in the company stood at 0 % while Institutions and Non-Institutions held 30.76 % and 69.24 % respectively.
- The stock traded above its 50 DMA.
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