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Mumbai, Sept 25 Union Bank of India has cut interest rates on home loans by 25-50 basis points, depending on the size of the loan. The reduced rates are applicable to new home loans.

For loans less than Rs 20 lakh, the floating rate has been revised by 25 basis points to 10.75 per cent (11 per cent) for a tenor of 5 years, 11.25 per cent (11.5) for 5-10 years and 11.50 per cent (11.75) for 10-20 years. The fixed rate remains unchanged at 10.75 per cent.

In the case of loans above Rs 20 lakh, the discount in interest rates would depend on the margin of loan taken. For instance, if the customer takes a loan for over 75 per cent of the value of the house, the discount in interest rate would be 25 basis points. If the loan is taken for less than 75 per cent of the value of the house, the reduction would be 50 basis points. The current floating rate which stands at 11 per cent for a loan of 5 years, 11.5 per cent for 5-10 years and11.75 per cent for 10-20 years will be accordingly revised.

More Stories on : Housing Finance | Interest Rates

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