Public sector lender Canara Bank has announced a dip in interest rates of its home loans. The revised rates are to come to effect from today, April,02,2012.

The bank announced in a release that the slash in rates would apply across various repayment periods and slabs of loan.

Interest rate will now lie in between 10.75% to 11.25%.

For a loan amounting between Rs 30 lakh to Rs 75 lakh, interest would be dipped by 25-75 bps based on term of repayment.

Loans above Rs 75 lakh would have interest dipped by as much as 25-175 bps.