Union Bank Of India Cuts Home Loan Rates To 6.40%: Check Features

Union Bank of India home loan rate: The reduced rate of 6.40 per cent will come into effect from October 27, 2021, said the state-run lender in a statement today

The Union Bank of India reduced its interest rates on home loan to an all-time low of 6.40 per cent to provide affordable loan offers to its customers amid the festive season. The reduced rate will come into effect from October 27, 2021, according to a statement released by the state-run lender today.The new rates will be applicable to customers applying for new loans or those who wish to transfer their existing loans including balance transfers, according to the bank.

Recently, Bank of India also reduced its interest rates on home loans and vehicles loans by 35 basis points and 50 basis points, amid the festive season. The interest rates on home loans starts at 6.50 per cent, compared to 6.85 per cent earlier, while rates on vehicle loans start at 6.85 per cent, compared to 7.35 per cent earlier, according to Bank of India.

State Bank of India (SBI) - the country's largest state-run lender, also has 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 loans at 6.70 per cent - irrespective of the loan amount. The bank waived off the processing fees completely and is offering attractive interest concession based on the credit score of the borrower.