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Karnataka
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Bangalore
Floating rate home loans better: Canara Bank chief
Staff Reporter
BANGALORE:
Floating rate loans are of greater advantage to housing loan customers than the fixed rate loans and Canara Bank is persuading customers to go for floating rate loans, says its Chairman and Managing Director M.B.N. Rao.
Speaking to presspersons after launching the bank's first housing loan festival at Kanteerava Stadium on Friday, Mr. Rao said that the bank was not offering any fixed rates since the rates ware expected to firm up. "In such a situation customers will benefit from floating rate loans," he said.
During the three-day festival the bank will offer spot loan approvals at a very competitive interest rate of 7 per cent and 7.25 per cent for a term up to five years and above respectively. Mr. Rao said that the bank was in an advanced stage of progress in implementing the core banking solution (CBS). The bank would roll out its pilot project on CBS early next year, which will soon be extended to the remaining branches across the country.
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