As part of the festival offer, Bangalore-based public sector lender, Canara Bank, has reduced the rate of interest on all fresh home loans from September 10. The rates have been cut 0.25 per cent.
The new rate of interest on all new home loans up to Rs 30 lakh will be eight per cent for the first 12 months, nine per cent for the next 48 months and BPLR 2.50 per cent subject to a minimum of 10 per cent thereafter.
Similar changes have been effected for all new home loans above Rs 30 lakh and up to Rs 1 crore. The revised rate will be 8.75 per cent for the first 12 months, 9.50 per cent for the next four years and BPLR 2 per cent with a minimum of 10.50 per cent thereafter, a bank statement said.