Canara
Bank lowers home loan rates
Our
Banking Bureau
20 April 2004
Bangalore:
Canara Bank has lowered the interest rate on home loans
by 0.25 percentage point across all maturities and on
fixed and floating rate options. The rates are effective
April 1. Under floating rates the interest rate would
be 7.25 per cent instead of 7.5 per cent for loans up
to five years, irrespective of loan size, Canara Bank
said in a release.
For
loans above five years tenure, the rates are down to
8 per cent from the earlier 8.25 per cent up to a loan
size of Rs 10 lakh irrespective of tenure. For loans
above five years exceeding Rs 10 lakh, the new rate
would be 8.25 per cent down by 0.25 percentage point
from the earlier 8.5 per cent irrespective of tenure.
Fixed rates applicable for the above three categories
would now are 7.75 per cent (8 per cent), 8.75 per cent
(9 per cent) and 9 per cent (9.25 per cent).
This
rate cut, coupled with waiver of processing charges
up to September 30, 2004, gives the bank a competitive
edge over other players in the home loan market, the
release said.
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