CanBank cuts rates on housing loans

Bangalore-based public sector bank, Canara Bank, has announced reduction in its lending rates for housing loans by 75 basis points disbursed after November 10, 2008. The reduction in the rates is applicable to housing loans linked to the BPLR.

According to a bank release, the bank will now charge 9.50 per cent interest on loans upto Rs 30 lakh for a repayment period of 5 years, 9.75 per cent for loans of 10 years and 10 per cent for loans upto 25 years.

For loans above Rs 30 lakh the applicable interest rates will be 10.25 per cent, 10.50 per cent and 10.75 per cent for loans with a repayment period of five years, 10 years and 25 years respectively. The above revision is despite not having increased the rates at the time of earlier BPLR hike, during August 2008.

 

The bank has also announced a reduction of 100 basis points in its auto loans with effect from November 10. The rate of interest will be 12.50 per cent, the release said.