Union Bank of India reduced home loan interest rate to 6.40 percent
Union Bank of India has reduced its home loan interest rates to an all-time low of 6.40 per cent to provide affordable loan offers to its customers during the festive season. According to a statement issued by the state-run lender today, the reduced rate will be applicable from October 27, 2021.
The new rates will be applicable to customers who are applying for a new loan or who wish to transfer their existing loans including balance transfer, according to the bank.
Recently, Bank of India has also reduced its interest rates on home loans and vehicle loans by 35 basis points and 50 basis points amid the festive season. According to Bank of India, the interest rate on home loans starts from 6.50 per cent, as against 6.85 per cent earlier, while the interest rates on vehicle loans start from 6.85 per cent, up from 7.35 per cent earlier.
State Bank of India (SBI) – the country’s largest government lender, has also reduced home loan interest rates to 6.7 per cent to support home loan customers amid the festive season. SBI is offering Credit Score Linked Home Loan at 6.70 per cent – irrespective of the loan amount. The bank has completely waived the processing fee and is offering attractive interest concession based on the credit score of the borrower.
Among private lenders, HDFC had also announced a special limited period offer for the festive season with the latest home loan interest rates starting at 6.70 per cent. Under the festive season offer, customers can avail HDFC home loans at 6.70 per cent starting September 20, 2021 – valid till October 31, 2021.
On Tuesday, October 26, shares of Union Bank of India closed at Rs 48.10, down 0.52 per cent on the BSE. Union Bank of India opened at Rs 48.45 on BSE during the entire trading session today, touching an intraday high of Rs 50.20 and an intraday low of Rs 47.25.
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