Union Bank Home Loan: How To Apply With An Interest Rate of 6.40%

Union Bank of India, a public sector lender, has announced all-time low-interest rates on home loans and vehicle loans of 6.40 percent and 7.15 percent, respectively. According to the bank's announcement, the rate of interest of Retail Lending Schemes is in force from today i.e. 27th October 2021. The new rates will be applicable to both new loans and home loan transfers. "#UnionBankofIndia brings Loan Utsav! A limited period offer on various loan products with 100% waiver of processing charges. Contact us today and grab these offers!" the lender has said in a Tweet.

Union Bank of India has mentioned on its website that the "rate of interest will be effective for all new home loan customers (including switchover from other Benchmark, viz. MCLR / Base Rate / BPLR to EBLR) from 27th October 2021 to 30th November 2021."

For salaried individuals having a CIBIL score of 800 and above, the new rate of 6.40% will be applied and for non-salaried individuals, the lowest rate applicable will be 6.50%.

All resident Indian citizens and also NRIs with a minimum and maximum age limit of 18 years up to 75 years can apply for a home loan singly or jointly with other eligible individuals. The maximum amount of loan that can be availed is Rs 30 lakh and the loan moratorium comes with a period of up to 36 months in case of purchase/ construction and a period of 12 months in case of repair & renovation.

The bank charges a processing fee of 0.50 percent of the loan amount, up to a maximum of Rs. 15000 + GST, however, customers can enjoy a 10% processing fee waiver under the bank's new Loan Utsav offer. Customers seeing for a home loan with an attractive rate of 6,40% only can visit https://www.unionbankofindia.co.in/english/home-loan.aspx and click on 'Union Home' after which they will be redirected to this page https://instaloan.unionbankofindia.co.in/lendperfect/landing where they can select either 'Retail Loan' or 'MSME Loan'.