BANGALORE: Canara Bank has reduced the rate of interest on housing loans by 50 basis points, for all slabs and tenures of fresh loans. For housing loans up to Rs. 20 lakh with repayment periods up to five years, the new rate is 10.25 per cent, above five years to ten years, 10.50 per cent and above ten years, 10.75 per cent. The bank has also reduced processing charges by 50 per cent till December 31. — Special Correspondent