UBI, Allahabad Bank to offer repo rate linked home loans

Two city-based banks, United Bank of India (UBI) and Allahabad Bank, have decided to offer select loan products linked to repo rates to pass on the benefit of the RBI's rate cut to their customers, bank officials said on Friday. UBI sources said the bank would offer housing and car loan products with repo linked lending rate (RLLR). For housing loans, the new RLLR will vary from 8.15 per cent to 8.30 per cent based on loan-to-value (LTV) ratio, and 8.70 per cent to 8.85 per cent for car loan borrowers.