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Canara Bank has launched housing loan scheme targeted at agriculturists. The bank is targeting those engaged in allied agricultural activities such as diary, poultry, planters and horticulturists having minimum gross annual income of Rs 5 lakh.
Announcing the new scheme, R. K. Dubey, Chairman and Managing Director, said: “The bank developed this loan product as there was no big loan scheme for the farmers baring Government of India schemes.”
For the housing loan scheme, the bank offers flexibility in repayment and security. Dubey said “For repayment we have offered maximum of 30 years or up to the age of 65 years. Borrowers can fix the interest payment based on their harvest patterns and pay quarterly, half-yearly or annually.”
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