Sunday, March 1, 2009

Union Bank of India follows market leader State Bank of India’s move and cuts interest rates on home loans

Cuts by 25-100 basis points:

Union Bank of India (UBI) said its new home loan rates will be available in the range of 9.75-10.75 per cent interest rate.

UBI has also launched a separate scheme, under which it will offer home loans up to Rs 20 lakh at lower interest rates.

The scheme also carries special features like free life insurance cover and will be offered free of prepayment and processing charges, the bank said.

Under the scheme, loans up to Rs 5 lakh will carry an interest rate of 8.5 per cent, while for Rs 5-20 lakh, the new rate will be 9.25 per cent, UBI said.

The scheme will be valid till June 30 and the rates will be reset after a period of five years. Indian Express

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