Canara Bank has reduced the floating and fixed home loan interest rates, as also rates of auto loans and other personal loan products, with effect from Wednesday.

The new floating rates on home loans up to and inclusive of five years are now down to 7.75 per cent from 8.25 per cent irrespective of the amount of loan, while rates for loans above five year are down to 8.75 per cent from 9 per cent up to a loan size of Rs 10 lakh (1 million), the bank said in a release.

The rates of loans (above five-year) exceeding Rs 10 lakh, are down to 9 per cent from 9.25 per cent, irrespective of the tenure.

Fixed rates applicable for the three categories are now lowered to 8.25 per cent, 9.50 per cent and 9.75 per cent from 8.75, 9.75 and 10 per cent, respectively, it said.

The minimum equated monthly installment for a 20-year floating rate home loan has now come down to Rs 880.

Rates for its Canmobile loan scheme for cars and two-wheelers have been reduced by 0.5 per cent, the release said.

Up to a loan size of Rs 300,000, the bank will charge an interest rate of 11.5 per cent, while for loans above Rs 300,000 and up to Rs 500,000 the rate will be 12 per cent

For loans above Rs 500,000, the rate is fixed at 12.5 per cent, it added.

The bank said no processing fee would be charged till December 31 for all these loans.