Mumbai, May 2 (PTI): Andhra Bank and Bank of India (BoI) today raised their prime lending rates by 0.5 per cent with BoI effecting the same percentile hike in its home loan rates. “We have decided to increase PLR from 10.50 to 11 per cent with immediate effect,” Andhra Bank CMD K. Ramakrishnan said.

BoI increased interest rates for home loans by 50 basis points, or half a percentage, under its floating rate scheme, it said in a statement.

The loans for up to five years will incur an interest rate of 8 per cent per annum, for 5-10 years duration 8.5 per cent per annum and for loans over 10 years, it is 9 per cent per annum. The corresponding interest rates on fixed interest scheme will be 9.25 per cent, 10 per cent and 10 per cent.

In the last three days, the State Bank of India, Punjab National Bank, Overseas Bank of Commerce, Bank of Baroda and Union Bank of India have raised their lending rates in the range of 0.25 per cent to 0.5 per cent.