New Delhi: As part of the Diwali offer, the Union Bank of India cut interest rates on home loans to an all-time low of 6.40%. Buyers who are considering purchasing a new home may benefit from the offer.
The reduced interest rates on real estate loans offered by Union Bank are applicable from Wednesday, October 27, 2021. In a press release, the bank said: “The Union Bank of India announces a rate cut on interest on its mortgage loans with a minimum interest rate now starting at 6.40%.
Union Bank said it was the lowest rate ever for the bank’s home loans. “Customers will benefit from this offer during the holiday season as we see an increasing demand for home purchases. With this reduced interest rate, the Union Bank of India mortgage rate is the most competitive in the world. sector, ”he said.
In addition to the purchases of new homes, the low interest rate will be applicable on loan transfers. Customers who wish to transfer their existing loans, including balance transfers, can avail a home loan from Union Bank at an interest rate of 6.40%.
Prior to Union Bank, Kotak Mahindra Bank and Bank of Baroda (BoB) offered home loans at the lowest interest rate of 6.50% percent. In addition, the lending arm of the Life Insurance Corporation of India, Housing Finance Limited, offers home loans at 6.60% while SBI offers an interest rate of 6.7%. Also Read: IT Jobs: TCS, Infosys, Wipro, HCL To Hire More Freshmen Women Via Campus Recruitment
With banks offering homes at the lowest interest rate ever, buyers should invest in real estate. As a result, the real estate sector could also experience a boom, giving the Indian economy a slight boost. Also read: WhatsApp history can be transferred from iPhone to any phone with Android 12