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Bangalore, Nov. 8

Canara Bank has announced it has reduced the interest rates on housing loans by 75 basis points, sanctioned and disbursed on or after November 10 for loans up to Rs 30 lakh. A bank release said floating rates of loans up to Rs 30 lakh will carry an interest rate of 9.5 per cent, against the current rate of 10.25 per cent. While the new rate for above Rs 30 lakh loan will be 10.25 per cent, both for a tenor of five years. For loans up to 10 years, borrowers would have to i ncur an interest of 9.75 per cent and 10.25 per cent respectively, while above 10 years, the interest rates has been fixed at 10 per cent and 10.75 per cent. The bank also decided to reduce the interest rate for car loans by 100 basis points from 13.5 per cent to 12.5 per cent from November 10. The reduction in interest rates is applicable to housing loans linked to BPLR.

— Our Bureau

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