Union Bank cuts home loan rates by 0.25%
New Delhi- Since the banking industry’s spotlight shifts to retail borrowers, the Union Bank of India has reduced the home loan rates by 0.25 percent.
The bank announced that the revised rates are applicable from November 29.
For home loans up to Rs 75 lakh, the base rate at 10.50 per cent will be applicable, while for loans above Rs 75 lakh and up to Rs 5 crore, the interest rate gets reduced by 0.25 percent over the base rate, which is the minimum lending rate of a bank.
The new rates are applicable for both existing and new customers. Fixed-rate customers can also avail the benefit by switching over to floating rates, stated the bank.
As a result of reducing demand from the corporate side and gloomy economic conditions, banks are forced to shift focus towards the retail segment, where demand continues.
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