New Delhi: State-run lender Union Bank of India has reduced interest rates on home loans for new and existing floating rate borrowers by 25-150 basis points.
For home loans up to Rs 3 million, the interest rates have been reduced to 10.50%, while interest rates on home loans between Rs 3 million to Rs 7.5 million have been cut to 10.75%, it said.
Further, home loans between Rs 7.5 million and Rs 50 million will attract an interest rate of 11%.
Notably, the bank's fixed rate borrowers may also avail the revised rates by switching to floating rate scheme, it added.
Recently, Union Bank of India announced a reduction in its base rate -- yardstick for pricing all loans -- by 15 basis points to 10.5% and benchmark prime lending rate (BPLR) by 50 basis points to 15%, following the Reserve Bank of India's (RBI) decision to slash the key policy rate by a higher-than-expected 50 basis points earlier last month.
Shares of Union Bank of India Friday ended at Rs 197.05 on the Bombay Stock Exchange, up 1.29% from the previous close.