04-10-07
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Unregistered User
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More banks lower home loan rates
Canara Bank has reduced the rate of interest on fresh housing loans by 50 basis points.
A Canara Bank release said for loans with tenures up to 5 years up to Rs 20 lakh, the rates have been fixed at 10.25 per cent. For tenures between 5 years and 10 years, the rate is 10.50 per cent. For tenures above 10 years up to 20 years, the rate is 10.75 per cent. The rate of interest for fresh housing loans above Rs. 20 lakh for repayment periods up to 5 years is 10.50 per cent; above 5 years up to 10 years 10.75 %; and above 10 years up to 20 years 11 per cent.
Processing charges are also reduced by 50 per cent up to December 31.
A PTI report adds: Central Bank of India has reduced interest rates by 0.50 percentage point on retail loans, effective October 1, a release said.
Housing loans too shall be offered at attractive rates of interest ranging from 9 per cent to a maximum of 10.75 per cent, depending upon period and the quantum of the loan, the bank said.
Source: The Hindu Business Line
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