United Bank of India slashes interest rate on housing loan

United Bank of India has reduced its interest rate on housing loan from 8.75% per annum to 8.55% per annum.

The reduced rate of interest on housing loan will be applicable irrespective of quantum of loan. The reduction in interest rate will reduce the EMI substantially.

United Bank of India is extending housing loan under Credit Linked Subsidy Scheme (CLSS) of Govt of India. CLSS is a component under Prime Minister Awas yojana (PMAY) where interest subsidy on housing loan upto 6.5% per annum is available to eligible family.

The effective rate of interest under CLSS will be 2.05% per annum for Economically Weaker Section and Low Income Group (family income up to Rs 6 Lakh per annum).

The effective rate of interest under CLSS for MIG-I (income up to Rs 12 Lakh per annum) will be 4.55% per annum and for MIG-II (income up to Rs18 Lakh per annum) 5.55% p.a.

The Bank has also waived the Processing Fee for the borrowers availing Housing loan from the Bank.