Money & Banking

Canara Bank cuts home loan rates by 50 bps

Anjana Chandramouly Bangalore | Updated on March 12, 2018

Canara Bank has ushered in the festive season by brining down the rates of interest on housing loans and home improvement loans by 50 basis points across all slabs and tenures.

The bank has announced a retail loan festival from October 10 to January 15, 2012, when these special rates will be applicable.

The bank has also waived its processing charges for these loans during this festival, and the additional interest of 25 basis points which was being levied for borrowers acquiring a second residential unit, said a press release from the bank.

Under the five-year tenor, the interest rate would be 10.75 per cent for loans of up to Rs 30 lakh; 11.25 per cent for Rs 30 lakh – Rs 75 lakh; 11.50 per cent for Rs 75 lakh to Rs 3 crore; 14.25 per cent for loans of over Rs 3 crore.

Under the 5-10 year tenure, the interest rate would be 11 per cent on loans of up to Rs 30 lakh; 11.50 per cent for Rs 30 lakh to Rs 75 lakh; 12 per cent for Rs 75 lakh to Rs 3 crore; 14.25 per cent for amounts over Rs 3 crore.

Under the 10-25 year tenure, the interest rate would be 11.25 per cent for loans up to Rs 30 lakh; 12 per cent for Rs 30 lakh to Rs 75 lakh; 13 per cent for Rs 75 lakh to Rs 3 crore; 14.25 per cent for amounts over Rs 3 crore.

For vehicle loans obtained during the festival period, the rate of interest will be 100 basis points less, and customers will also be eligible for complete waiver of processing charges.

Published on October 11, 2011

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