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THIRUVANANTHAPURAM: Union Bank of India has announced new, reduced rates for housing loans to be effective from February 1.

Announcing this, Mr K.R. Pillai, Assistant General Manager, said the bank has retained the free insurance cover for the building and free accident insurance cover to the borrowers during the entire period of the loan.

The new rates are: 7.75 per cent for loans up to 5 years, 8.25 per cent for loans up to 5-10 years and 8.50 per cent for those above 10 years.

Borrowers will have the option to avail fixed rates of interest, in which case the rates will be 8 per cent, 8.5 per cent and 8.75 per cent respectively, Mr Pillai said.

More Stories on : Housing Finance | Kerala | Interest Rates

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