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UBI cuts home loan rates for Rs 20-30 lakh loans

UBI cuts home loan rates for Rs 20-30 lakh loans

Apnaloan.com Research Bureau

07 May 2008

The Union Bank of India (UBI) slashed interest rates on home loans. It has cut the interest rate on home loans of over Rs. 20-30 lakh by 50-100 basis points.

The rates have been cut across all the tenures for home loans sanctioned after May 9, 2008.

This  is the first bank to reduce home loan interest rates since the Reserve Bank of India (RBI) has revised the risk weight for capital adequacy purpose on housing loans up to Rs. 30 lakh in the Annual Monetary Policy, last month.

About 90 per cent of UBI's home loan portfolio comprises loans in the range of Rs. 20-30 lakh, according to bank sources.