Union Bank of India, one of the leading banks in the country, has given the gift of cheap home loans before Diwali. The bank has once again announced a reduction in home loan interest rates. After this deduction, the bank’s home loan rate has reached 6.40 percent.
New Delhi: Union Bank of India, one of the leading banks in the country, has given the gift of cheap home loans before Diwali. The bank has once again announced a reduction in home loan interest rates. After this deduction, the bank’s home loan rate has reached 6.40 percent. The bank says that this rate of interest on home loan is at the lowest level. The new rates have come into effect from 27 October 2021.
Cheapest home loan rate ever
In a statement issued by the bank, it has been said that after the latest cut in interest rates, home loan rates are starting from 6.40 percent. These are the cheapest rates of home loan offered by the bank so far. The bank says that those applying for a new loan or transferring an existing loan will get the benefit of the new rates.
Increasing demand for homes
The bank has said that the reduction in interest rates will benefit customers during the festive season. The reason for this is that the demand for houses is increasing at this time. The bank says that with this rate cut, Union Bank of India has become very competitive in the home loan rate industry.
More benefits on higher credit score
The bank has said that the benefit of this cheapest interest of 6.40 percent of the home loan will be available on more than 800 credit scores. Union Bank MD and CEO Rajkiran Rai says that due to low interest rates on deposits, we are able to reduce the loan rates and this decrease will continue in future also. According to the information available on the bank’s website, those with high credit scores are getting more benefits on all types of loans.
Interest rates were also changed in September
Union Bank had earlier changed the interest rates of all types of loans including home loans on 8 September 2021 as well. According to the information available on the bank’s website, the interest rate for home loans up to Rs 30 lakh on credit scores above 700 is 6.85 per cent. Whereas the rate of interest on home loan above this is 6.95 percent. The rate of interest is higher on credit score below 700. Whereas there is a discount of .05 percent in the interest rates on the home loan for women.
