Standard Chartered Bank on Tuesday announced a special variable rate offer of 7.49 per cent per annum for home loans across all tenures up to 20 years.

This translates into an EMI (equal monthly instalment) of Rs 805 per lakh.

The bank is offering the fixed rate home loan at 7.75 per cent interest rate, across all tenures up to 20 years.

The bank said that StanChart home loan customers can also avail of a bundle of insurance products home contents insurance, health insurance and personal accident insurance.

The bank said the offer is valid from November 12 to November 30 and is available in Mumbai, Delhi, Chennai, Kolkata, Pune, Bangalore, Hyderabad, Surat, Baroda, Coimbatore, Jaipur and Lucknow.

The home loan rate cut by StanChart comes close on the heels of similar cuts by ABN Amro, ICICI Bank and IDBI Home.