Union Bank of India cut mortgage rate to 6.40 percent
Union Bank of India has cut mortgage rates to a record low of 6.40% by offering its customers cheap loan deals during the holiday season. The discount rate will take effect on October 27, 2021, according to a statement from the nation’s creditors released today.
According to the bank, new fees will be charged to customers who apply for new loans or transfer existing loans, including transferring funds.
India’s central bank also recently cut mortgage and auto loan rates by 35 and 50 basis points, respectively, during the holiday season. Mortgage rates start at 6.50 percent compared to 6.85 percent previously and auto loan rates start at 6.85 percent compared to 7.35 percent previously, according to the Bank of India.
India’s largest government lender, State Bank of India (SBI), has also cut mortgage rates to 6.7% to help mortgage customers during the holiday season. SBI offers a 6.70% mortgage regardless of loan size. The bank is completely exempt from processing fees and offers attractive interest discounts depending on the creditworthiness of the borrower.
Among private lenders, HDFC also announced a special limited time for the holiday season, with the latest mortgage rates starting at 6.70%. As part of the holiday offer, customers can take out an HDFC mortgage of 6.70% starting September 20, 2021. This is valid until October 31, 2021.
On Tuesday, October 26, Union Bank of India shares on BSE fell 0.52% to Rs 48.10 per share. Union Bank of India opened BSE trading at Rs 48.45 during today’s trading session, with the day’s high of Rs 50.20 and the day’s low of Rs 47.25.