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Union Bank hikes home loan rates

By Our Special Correspondent

MUMBAI DEC. 22. Union Bank of India today announced a decrease in interest rates on agricultural and small scale industry (SSI) advances and an increase in interest rates on its home loans.

The reduction in advances for the agriculture sector ranges from 25 basis points to 125 basis points and with regard to SSI advances it ranges from 25 basis points to 225 basis points. For housing finance, the bank raised the fixed interest rate for up to five years to 8.50 per cent from 8 per cent, for 5-10 years to 9 per cent from 8.50 per cent and above ten years to 9.25 per cent from 8.75. The floating rates on housing finance for 5 years have been increased to 8.25 per cent from 7.75 per cent and for 5-10 years to 8.75 per cent.

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