Money & Banking

Union Bank of India cuts home loan rates by 10 bps

Our Bureau Mumbai | Updated on October 31, 2020

Interest rate cut on home loans above Rs.30 lakh with effect from November 1

Union Bank of India (UBI) has decided to cut the interest rate on home loans above Rs.30 lakh by 10 basis points (bps) with effect from November 1, 2020.

The public sector bank, in a statement, said women home loan borrowers will get a further concession of 5 bps in rate of interest over and above the aforementioned reduction in interest rate. One basis point is equal to one-hundredth of a percentage point.

There will be zero processing charges for home loans till December 31, 2020, the bank added.

In addition, UBI has waived legal and valuation charges upto Rs.10,000 in case of take over of home loans by it.

UBI said there are no processing charges for car and educational loans.

Published on October 31, 2020

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