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Union Bank announced a reduction in its home loan interest rates. The home loan rates start at 6.4% which is the industry’s lowest rate. The lower tariff will be in effect on October 27. Customers applying for new loans or wishing to transfer current loans, including balance transfers, will be subject to the revised rates. This is the lowest home loan rate ever offered by a major financial institution.
“For the best category of customers with credit ratings of over 800, we are providing 6.4%.
Low-cost deposits provide us with a cushion, allowing us to lower rates even more “Union Bank of India’s MD and CEO, Rajkiran Rai, stated. He went on to say that the bank was operating on sharp margins because defaults among top-rated customers are unlikely, and the RBI allocates a lower risk-weightage to residential loans, allowing banks to lend more with less capital.