Canara Bank slashes interest on Home Loans

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Canara Bank slashes interest on Home Loans

Canara Bank has reduced the rate of interest by 25 basis points w.e.f. 07.02.2008 on existing as well as new housing loans, irrespective of loan amount and for all tenors up to 25 years. All borrowers who have opted for Home loan under the floating rate will get the benefit of interest reduction.

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Canara Bank has reduced the rate of interest by 25 basis points w.e.f. 07.02.2008 on existing as well as new housing loans, irrespective of loan amount and for all tenors up to 25 years. All borrowers who have opted for Home loan under the floating rate will get the benefit of interest reduction.

The revised rates for loans upto Rs.20 lakhs will be 10%  for 5 year tenor, 10.25% for 10 year tenor and  10.50 % for tenor above 10 to 25 years  & for loans above Rs.20 lakhs it is 10.25 %, 10.50%  and 10.75 % respectively.

Recently, the bank has extended the maximum tenor of the loans from 20 to 25 years and also given the option of repaying the loan in step-up EMIs with a view to help the borrowers in smooth servicing of the loan. 

The processing charges on home loans has also been reduced by 50% upto 31.03.2008.

Sourced From: Canara Bank