Public sector lender Union Bank of India has cut home loan rates for new and existing floating rate customers. The interest rate cut ranges from 25 basis points (at the lowest loan slab of up to Rs 30 lakh) to 150 basis points (on loans above Rs 75 lakh and up to Rs 5 crore). One basis point is equal to 0.01 percentage points. Customers can get home loans up to Rs 30 lakh at the Base Rate (10.50 per cent).
Interest rate on home loans above Rs 30 lakh and up to Rs 75 lakh will be 10.75 per cent (Base rate + 0.25 per cent). For loans above Rs 75 lakh and up to Rs 5 crore, the interest rates will be 11 per cent (Base Rate + 0.50 per cent). Besides effecting a cut in home loan rates, the bank said fixed rate customers can also avail the revised rates by switching to floating rate.