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Canara Bank increases housing loan rates

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India’s leading financial institution Canara Bank hinted about the hike in the interest on floating rates and the senior officer at the Canara Bank said the www.propertykhazana.com that the Bank is unable to manage with the defaulters accounts. Further the officer said that there will be a mild hike such that the floating intrest rates on the housing loans will go up to 200 basis points from the current 175 bsp.
In the meantime, the hike will be imposed on lending’s above Rs. 20 Lakhs while the rate of intrest is 10.75-11.25 applicable for the loans below Rs. 20 Lakhs. The new rates will be effective form 1st June 2007, adds the senior officer.
It is further reported at the www.propertykhazana.com that till the 2nd Quarter of the 2006 Canara Bank made no revision on the housing loan lending rates, but the Bank is in eager to raise the rates which is said to be the highest rate of intrest then compared with other nationalized banks in India.
Meantime, if considered the State Bank of India revised its Housing loans rates by 175 BSP while few other banks increased 50-100 bsp in the 2nd quarter of the financial year 2006.
Canara Bank presently holds 5% points on purchase of old buildings and it is 20 and 25 % respectively for housing loans up to 20 Lakh and 25 lakh respectively, while it is 15-20 % applicable on purchase of new home or apartments.

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