Canara Bank drops home loan rates to 10%

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.