Canara Bank cuts home loan interest by half per cent

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Bangalore, Oct 3 (UNI) Canara Bank today announced reduction in the rate of interest for housing loans by half a per cent effective from October four for all tenors and slabs on fresh loans.

The rate of interest for fresh housing loans upto Rs 20 lakh for repayment periods upto 5 years was 10.25 per cent, above 5 years upto 10 years 10.50 per cent and beyond 10 years upto 20 years 10.75 per cent.

The rate of interest for fresh housing loans above Rs 20 lakh for repayment periods upto 5 years is 10.50 per cent, above 5 years upto 10 years 10.75 per cent and above 10 years upto 20 years 11 per cent.

The Bank also reduced the processing charges by 50 per cent upto December 31, 2007, a release here said.

UNI

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