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Canara Bank drops home loan
rates to 10%
Our Banking
Bureau
24 August 2002
Mumbai:
Canara Bank has revised its housing loan rates again up
to half-a-percentage point, effective 26 August 2002.
With
this move, the bank’s interest rate on housing loans
drops to 10 per cent per annum — both for floating-rate
and fixed-rate loans of a maturity of up to five years.
These rates are applicable for this tenor irrespective
of the amount.
The
new rates for loans beyond a five-year-term are 10.75
per  cent
per annum up to a loan amount of Rs 10 lakh and 11 per
cent for amounts exceeding Rs 10 lakh. These rates are
applicable for both floating-rate as well as fixed-rate
loans.
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