Canara Bank raises PLR by 50 basis point

Mumbai, May 3 (UNI) Canara Bank has raised the prime lending rate by 50 basis points and hiked its home loan rates.

The new rates will come into effect from May 5, the Bank said in a statement today.

It said the lending rate has been increased to 11.25 per cent from 10.75 per cent.

The floating interest rate on housing loans has been revised to 9 per cent for all periods from 8.5 per cent. Fixed housing loans rate has been revised to 9.5 per cent from 9.25 per cent for loans of up to 5 years tenure. For loans of more than 5 years tenure, the interest rate has been increased to 9.75 per cent from 9.5 per cent.

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