BackUBI cuts interest rate on home loans below Rs20 lakh
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07 May 2007, 07:54 PM IST
UBI cuts interest rate on home loans below Rs20 lakh
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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 ₹ ,465-crore of which 90% comprises of loans below ₹ 20 lakh.
The bank is targeting a home loan growth of 25% this fiscal, he said.
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Published: 07 May 2007, 07:54 PM IST
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