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Canara Bank cuts home loan interest rates

July 23, 2003 19:52 IST

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.

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Number of User Comments: 4

Sub: query about housing loan

sir, i have availe a housing loan from one of ur barnch in kerala. the interest rate is increasing quarterly instead of decreasing . i ...

Posted by k.s.mohan kumar

Sub: info about housing loan

I have availed a housing loan from onbe of ur branch. i just want to know the repayment details like how much of the loan ...

Posted by mohan kumar k s

Sub: loan

i want home loan

Posted by saireddy

Sub: housing loan

I want to take home loan RS.100000 within a month so what have to do.I have NRE account in canara bank,siwan Amjad Ali ...

Posted by amjad ali


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