UBI Comes up with 8% home Loan Scheme

The city-based state-run United Bank of India (UBI) has launched an eight percent home loan scheme available till March 31 next year, a release said here on Tuesday. The bank would charge eight percent interest on home loan for the first year and nine percent for the second to fourth years. From the fifth year onwards, it would charge interest on a floating basis, which would be two percent less than the benchmark prime lending rate (BPLR) prevailing at that time, the release said. Under fixed rate, the bank would charge one percent less than the BPLR and the interest rate would be revised every five years, it said. ‘United Bank of India announced reduction in interest on ‘Car Loans’ by one percent on the card rates up to December 31, 2009, and to add to the toppings, it also announced waiver of processing fees on car loans during the period,’ the release added.

Source: Indian Real News