Union Bank of India: Home loans rates revised down
By Joseph Samson
Oct 23, 2008
Print    Email    RSS   

The repo cut by RBI may give a reason to cheer for people who are planning to buy their dream home in this festive season.

State-run, Union Bank of India (UBI) has reduced its home loan rates by 50 basis points immediately after the Central Bank cut its short term lending rate (repo) by 100 basis points.

The interest rates have been slashed down to 11% for home loans upto Rs 30 lakh. However rates for amount above Rs 30 lakh will only get a waiver of 25 basis points and that too as a part of festive offer.

Union Bank is the first to cut interest rate after the announcement of repo cut. Punjab National Bank had earlier cut its home loan rates after the CRR cut.

Now most banks are expected to cut their lending rates after a 2.5% cut in CRR and 1% cut in repo rate. Yes Bank chief, Rana Kapoor says that interest rates could witness a (downward) correction in the next one month.

"I expect an one percent fall in Q3 FY 09 and a further 1-1.5 percent cut in Q4 this fiscal," said Kapoor.

The new interest rates of UBI are effective from October 21st.


(Comments Posted : 0) Post Your Comments
Show All Comments
 Select a product:

 Select a product:

What should you do if interest rates are...
Are you ready to file your taxes? Please...
How to go about ‘Leveraged Investing’
Factors to Evaluate before opting for Home...
J&K Bank raises PLR

PINJORE: CaℒL Giℛℒs In PiNjOrE 09915787550...
PINJORE: CaℒL Giℛℒ In PiNjOrE 09915787550...
how to gate my home loan certificate

Canara Bank earned a profit of 60%. Feb 6, 2015
New Branch of Laxmi Vilas bank at Vijayawada Jan 30, 2015
Home loan EMIs expected to drop down Jan 21, 2015
Corporation Bank received MSME banking excellence award 2014 Jan 19, 2015
Home loan rates set to fall, after reduction in repo rate Jan 16, 2015
News Archive