Financial Daily from THE HINDU group of publications
Saturday, Dec 10, 2005
Financial Daily from THE HINDU group of publications Saturday, Dec 10, 2005 |
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Money & Banking
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Housing Finance Opt for floating rates on home loans: Canara Bank Our Bureau
Bangalore , Dec. 9 CANARA Bank is persuading housing loan customers to opt for floating rates instead of fixed rates. Speaking to reporters after launching the bank's housing loan festival, the Chairman and Managing Director, Mr M.B.N. Rao, said: "We are not offering any fixed rates since the rates are expected to firm up. In such a situation customers will benefit from floating rate loans." Canara Bank expects to have housing loan portfolio of at least Rs 7,500 crore by the end of this fiscal if the current growth trend is sustained, he added. The bank currently has a retail portfolio of Rs 12,500 crore, of which the housing loan portfolio comprised of Rs 4,799 crore. He said that the bank was in an advanced stage of implementing the core-banking solution (CBS). The bank would roll out its pilot project on CBS early next year, he said, adding that it would be extended to the remaining branches across the country.
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