Mumbai, August 23: With Union Finance Minister Nirmala Sitharaman on Friday announced economic revival policies, Union Bank of India followed suit and introduced Repo Linked Lending Rate (RLLR) to new home and vehicle loan borrowers. It is expected that the home loans of above Rs 30-75 lakhs would be available at an interest rate of 8.25 percent.

Hours after the Finance Ministry's reforms measure, the UBI came up with the latest development. It announced, "Bank announces the introduction of Repo Linked Lending Rate (RLLR) to new Home & Vehicle Loan Borrowers. With introduction Rs 30-75 lakhs will be available at an interest rate of 8.25% for borrowers with a good credit score." Nirmala Sitharaman Announces Measures to Boost Indian Economy Amid Slowdown, Rolls Back Surcharge on FPIs, Removes Angel Tax on Start-Ups; Check Full List of Announcements

Earlier, announcing several measures to boost the plunging economy back on track, Sitharaman stated that the repo rate has been directed to interest rates. This has been done to reduce easy monthly instalments (EMIs) for housing loans, vehicle and other retail loans. Apart from this, credit support for houses, vehicles, consumption goods has also been allotted.

Highlights of Sitharaman's Press Conference:

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Sitharaman announced additional liquidity support to Housing Finance Companies (HFCs). Also, online tracking of loan applications by consumers of retail, MSME, housing, vehicle, working committee, limit enhancement, renewals, etc. have been initiated by the government. Nirmala Sitharaman's Remedy For Ailing Auto Sector & Real Estate: Cheaper Loans, Easy EMIs

With the reports of economic crisis circulating in the media for the last couple of weeks, the Finance Minister stated that the Ministry is not in favour of harassment and respects the wealth creators of the country. Sitharaman said that faceless and randomised process is being opted.

(The above story first appeared on LatestLY on Aug 23, 2019 09:15 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).