NRI Real Estate and Property Investment in India
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Union Bank Joins Move to Cut Home Loan Rates
Thursday, September 27, 2007

New home loans from Union Bank would be charged at a lower rate with immediate effect, depending on the size of the loan. Floating loan rates have been pegged at 10.75%, as against 11% for home loans less than Rs.20 lakh taken for a 5 year period.

Loans taken for a period between 5 and 10 years would bear an interest charge of 11.25% as against 11.5% charged hitherto. Loans taken for a period of 10 to 20 years will attract an interest rate of 11.5 per cent, as against 11.75% till now.

The fixed rate on the less than Rs.20 lakh loan has not been changed from 10.75%. Floating Loan rates for loans above Rs. 20 lakh would be decided on the margin of the loan.

This would translate into a discount of 25 basis points (.25%) for a loan of 75% of the value of the property. A loan for less than 75% of the value of the property would attract a discount of 50 basis points, or .5%.

The prevailing floating rate is 11% for a 5 year period, 11.5% for a 5-10 year period, and 11.75% for a 10-20 year period.

Related Readings

»Home Loans Made More Affordable by Wizard
»Bank of Baroda offers Respite in Home Loan Rate
»HDFC May Slash Home Loan Rates
»NRI Deposits face the odds as Interest Rates Drop
»Wider Access to Home Loans as More Banks Slash Rates

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