Canara Bank has reduced the rate of interest on all new housing loans across most repayment tenors and quantum slabs with effect from April 02, 2012.
For loans between Rs 30 lakh and Rs 75 lakh, the interest rate reduction ranges between 0.25 to 0.75 percent depending on the repayment tenor while for loans above Rs 75 lakh, the bank has reduced the interest rate in range between 0.25 to 1.75 percent depending on the repayment tenor.
Besides, the bank has waived additional interest of 0.25 percent for acquiring second residential unit. This reduction in interest rates by the bank translates into substantial savings to the borrowers by bringing down their monthly obligations.
