| Canara Bank, AllBank cut home loan rates |
| BS Reporter / Mumbai February 5, 2008 |
| Public sector banks Canara Bank, Corporation Bank and Allahabad Bank have decided to lower interest rates on housing loans, preferring to keep their prime lending rates (PLR) unchanged. ICICI Bank's managing director and chief executive officer, KV Kamath, has indicated that the country's second largest bank, would review interest rates only in 2008-09. Canara Bank, which had in October 2007, reduced interest rates by 50 basis points only on fresh home loans, from February 7, will cut floating interest rates by 25 basis points for new as well as existing borrowers. The revised interest rates for housing loans upto Rs 20 lakh are 10-10.5% and 10.25-10.75% for loans above Rs 20 lakh. The bank |
