New Delhi: Public sector lender UCO Bank said on 7 March it may cut home loan rates by 50 basis points.
“We have already cut down home loan rates by 50 basis points and may further cut down the rates by another 50 basis points,” UCO Bank chairman and managing director, S K Goel, told PTI.
The bank will take a view on this in the board meeting to be held on 15 March.
On capital raising plan, Goel said the bank would take a view only when the market stabilizes. If markets does not stabilize till June the bank would raise about Rs250 crore through Qualified Institutional Placement, he said.
Yesterday, Finance Minister P Chidambaram had said as there was a public demand to slash homeloan rates, especially for loans up to Rs20 lakh, banks should take a call.