Canara Bank lowers home loan rates

Mumbai: In keeping pace with other housing finance companies, Canara Bank has lowered its interest rates on home loans. The rate has been brought down from 12 to 11.5 per cent for loans up to Rs 2 lakh. For loans ranging from above Rs 2 lakh to Rs 10 lakh, the rate is 12 per cent and for loans above Rs 10 lakh the rate will be 12.5 per cent.

The bank has also waived processing fees for all loans up to 31 March 2002. In addition, Canara Bank has also begun to offer floating-rate options on these loans.