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UBI slashes interest rate on Housing Loan

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  19 Jun 2017 12:00 AM GMT

Guwahati, June 18: United Bank of India has reduced its interest rate on Housing loan from 8.75% p.a. to 8.55% p.a. 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 Government of India. CLSS is a component under Prime Minister Awas Yoja (PMAY) where interest subsidy on housing loan upto 6.5% p.a. is available to eligible family. The effective rate of interest under CLSS will be 2.05% p.a. for Economically Weaker Section and Low Income Group (family income upto Rs.6 Lac per annum). The effective rate of interest under CLSS for MIG-I (income upto Rs.12 Lac per annum) will be 4.55% p.a. and for MIG-Il (income upto Rs.18 Lac per annum) 5.55% p.a. The Bank has also waived the Processing Fee for the borrowers availing Housing loan from the Bank.This was stated in a press release.

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