The Hindu Business Line : More banks lower home loan rates

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.

Vehicle loans will now be available at 10 per cent for repayment period up to 36 months and at 11 per cent for repayment above 36 months. Consumer loans would be offered at 13.50 per cent.

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. The rate of interest on loan scheme for tours and travels has been reduced to 12.50 per cent while a 50 basis point cut has been effected on education and computer loans and loans to pensioners, teachers and traders.

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