Union Bank of India has come up with a Special Housing Loan Scheme with combination of Fixed and Floating rate of interest. During the tenure of the loan 8 % fixed rate of interest will be applicable for the first year.
Floating rate of interest will be applicable from next year onwards till loan is fully repaid. This scheme is applicable for new accounts and existing loans are not covered. Maximum tenure will be 20 years and maximum permissible loan under the Scheme is Rs50lacs. The Scheme is open up to 30.09.2009.
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