Bangalore: Canara Bank, a major player in home loan market has cut home loan interest rates by 0.25 per cent on all maturities and both on floating and fixed basis.

The new rates are effective from April 1, a bank release said.

Under floating rates, the bank has cut the rates to 7.25 per cent from 7.5 per cent irrespective of loan amount for loans up to five years. For loans above five years' tenure, the rates are down to 8 per cent from the earlier 8.25 per cent up to a loan size of Rs 10 lakh irrespective of tenure, it said.

Home Loans

For above five years, for loan size exceeding Rs 10 lakhs, the rates are down to 8.25 per cent from the earlier 8.5 per cent irrespective of tenure.

Fixed rates applicable for these three categories are now lowered to 7.75 per cent, 8.75 per cent and 9.00 per cent from the previous rates of 8 per cent, 9 per cent and 9.25 per cent, the release said.

The bank has a Housing Loan Portfolio of about Rs 2,900 crores.