News of relief for home loan people, another bank reduced interest rate

Union Bank of India has reduced interest rates for various categories of home loans. After this, after the Bank of Baroda, it has made home loans cheaper. Customers have been relieved by many banks continuously reducing home loan rates. 

Relief for home loan people

After Bank of Baroda, now Union Bank has also made home loans cheaper. Union Bank of India has reduced interest rates for various categories of home loans. Customers have been relieved by many banks continuously reducing home loan rates. 

Earlier, State Bank of India, HDFC, ICICI Bank have also reduced home loan rates. Union Bank said that it has also reduced the processing fees for home loans till 31 December 2020. The bank has also offered a discount of up to 10 thousand rupees in the event of taking home loan. 

Additional exemption for women applicants The 

bank said in a statement on Sunday that the interest rate on home loans above Rs 30 lakh has been cut by 0.10 percent. Women applicants will get an additional discount of 0.05 percent in the interest rate on such loans. In this way, the interest to women applicants will be 0.15 percent cheaper. 

According to news agency PTI, the bank said that it has also reduced the processing fees for home loans till 31 December 2020. Apart from this, processing fees on auto and education loans have also been removed.

What did union bank say 

Union Bank said, “In view of the festive season, many financing campaigns have been started focusing on retail and MSME segment.” The bank hopes that the borrowers will take advantage of the low interest rates offered by the bank and take loans. 

Bank of Baroda reduced rates

Significantly, on its initiative, Bank of Baroda (BoB) on Saturday reduced the loan interest rate associated with the repo rate from seven percent to 6.85 percent. This new rate of the bank will be applicable from November 1, 2020.