Union Bank Home Loan: If you are a working person and want to take a home loan, then it will be beneficial for you to take a loan from Union Bank of India. This will happen because this time Union Bank has reduced the home loan rate even below the home loan rate of the State Bank of India. According to Union Bank, interest rate of 6.7 percent will be paid on home loans up to 30 lakh rupees for employed people.
Union Bank has also put two conditions for such a low home loan rate. For this, the credit score of the customer should be less than 700 and the second condition is that the applicant must be a woman. If a customer wants a home loan above Rs 30 lakh and less than Rs 75 lakh, then the interest rate for him will be 6.95 percent. The initial interest rate for taking a home loan of more than 75 lakhs in Union Bank is 7 percent.
SBI Home Loan:
In State Bank of India, if a employed man applies for a home loan, then he will have to pay 6.85 percent interest rate. Similarly, a loan of less than 30 lakhs is available for women at 6.95 percent interest rate. LIC Housing Finance Ltd recently reduced its home loan interest rate to 6.9 percent. Bank of Baroda's home loan interest rate starts at 6.85 percent.
Private sector bank HDFC is also offering home loans of up to Rs 30 lakh at 6.95 percent interest rate, for this the necessary condition is that the applicant must be a woman. The interest rate for home loans ranging from 30 to 75 lakhs is 7.2 percent.
The Reserve Bank of India (RBI) monetary policy meeting is scheduled to take place this week and it is being speculated that RBI may announce a quarter percent reduction in policy interest rates. If this happens, interest rates may come down further in the near future.