Canara Bank has reduced home loan interest rates with effect from April 2. The rate of reduction is for all borrowers across repayment tenors and quantum slabs, said a press release from the bank. With the revision, the rate of interest now range between 10.75 per cent and 11.25 per cent.
For loans between Rs 30 lakh and Rs 75 lakh, the interest rate reduction ranges between 25 basis points to 75 basis points depending on the repayment tenor. For loans above Rs.75 lakhs, the interest rate reduction ranges between 25 Basis points to 175 Basis points depending on the repayment tenor.
The bank has also waived additional interest of 25 basis points for acquiring second residential unit. The release also said that the bank has enabled a Web-based application in its Web site, through which both existing and prospective customers can submit online loan applications for housing loans.