Mumbai: Premier public sector lender, Union Bank of India (UBI), today, said that it has reduced its interest rates by 0.5% on home loans below Rs20 lakh.
“We have reduced our interest rate on home loans below Rs20 lakh,” Union Bank’s Chairman and Managing Director M V Nair told reporters here.
The downward revision by 0.5% is with immediate effect, he said.
The bank’s total exposure to the housing sector is Rs4,465-crore of which 90% comprises of loans below Rs 20 lakh.
The bank is targeting a home loan growth of 25% this fiscal, he said.