Indian state-run lender Union Bank of India slashed interest on home loans to its base rate in select case.
The new rates, which will be applicable to both existing borrowers on floating rates as well as new ones, will be able to avail of credit at the bank's base rate of 10.5%, the city-based lender said in a statement.
Loans above Rs 30 lakh but under Rs 75 lakh will be charged an interest rate of 0.25% above the base rate, while those between Rs 75 lakh and Rs 5 crore will have to pay a margin of 0.5% over the base rate, it said.
The bank had last month cut its base rate or the minimum rate of lending by 0.15% to 10.5%, following RBI's surprise move to cut its key lending rate by 0.5% at its annual credit policy on April 17.
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