Canara Bank has cut its home loan rates by 50 bps

By Pradeep Yuvaraj | September 1, 2011

A recent press report said that Canara Bank has reduced rates of interest on housing loans and home improvement loans by 50 basis points across all slabs and tenures as a special offer for the festival season. The rates will be applicable from October 10 to January 15, 2012.

Reports said that he bank has also waived its processing charges for the above mentioned loans during this festival, and the additional interest of 25 basis points which was being levied for borrowers acquiring a second residential unit.

The home loan interest rates offered by the bank are as follows:

Amount Interest rates
For  5 years tenure 5- 10 years tenure 10-25 years tenure
up to Rs. 30 lakh 10.75% 11% 11.25 %
Rs. 30 lakh to Rs. 75 lakh 11.25% 11.50% 12%
Rs. 75 lakh to Rs. 3 crore 11.50% 12% 13%
More than Rs. 3 crore 14.25% 14.25% 14.25%

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.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
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About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

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