Union Bank of India’s interest rate on home loans up to Rs 30 lakh is less than SBI. RBI’s monetary policy meeting is scheduled this week. It is expected that a reduction of one-fourth of one hundred percent in policy interest rates may be announced.
Mumbai. If you are salaried and planning to take a home loan, then it can be beneficial to take a loan from Union Bank of India. UBI has reduced the home loan rates for salaried class to 6.7 percent. Usually, State Bank of India (SBI Home Loan) gives loans at a lower rate of interest than other banks, but this time Union Bank is getting home loans at a lower rate. According to information given by Union Bank, people with salary will have to pay only 6.7 percent interest on home loans up to Rs 30 lakh.
Union Bank has put two conditions
The bank has put two conditions for this. The first is that the credit score of the customer should be at least 700. At the same time, the second condition is that the home loan applicant must be a woman. If a customer wants to take more than Rs 30 lakh and less than Rs 75 lakh, then the interest rate for them will be 6.95 percent. Union Bank of India has an initial interest rate of 7 percent on home loans of more than Rs 75 lakh.
What is the home loan rate in SBI?
If a male receiving salary applies for a home loan, then the interest rate for them will be 6.85 percent. This rate is equal to the rate already set for non-salaried people. If a person takes a loan of 30 lakh rupees from State Bank of India, then they will have to pay interest at the rate of 6.95 percent. LIC Housing Finance will also have to pay interest of 6.85 per cent for taking a loan of Rs 30 lakh. LIC Housing Finance has revised the home loan interest rates last month.
addition to this, Bank of Baroda is also getting interest of 6.85 percent on loan of Rs 30 lakh. Private sector HDFC Bank is also offering a home loan of Rs 30 lakh at the rate of 6.95 percent. The condition for this loan in HDFC Bank is that the applicant must be a woman. The interest rate on a home loan of 30 to 75 lakh rupees in this bank is 7.2 percent.
Speculation of low interest rate
The Reserve Bank of India Monetary Policy Committee is scheduled to meet this week. It is being speculated that after the meeting, the RBI Governor can declare a quarterly cut in the policy interest rates. If the RBI makes any such announcement, then in the coming days, the expectation of further reduction in interest rates also increases.
Let us know that the sluggishness in the real estate sector has been seen soon after the first lockdown was announced for the last week of March. There has been a sharp decline in the sale of flats. In such a situation, banks are tempting customers of other banks to transfer their home loans.