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Union Bank home loan - Get 1 shirt, get 50 per cent low cost around the 2nd. It is a widespread product sales pitch adopted by retailers marketing readymade clothes. Now, a community sector bank has taken a leaf out of this well-known retail income method to drive property financial loans. Mumbai-headquartered Union Bank of India has unveiled a whole new campaign whereby it guarantees loyalty benefits to its house financial loan consumers. Under the loyalty reward scheme, the bank's residence bank loan customers will get 50 basis factors (a single basis stage equals 0.01 per cent) concession in interest rate on automobile financial loans and waiver in processing fees while in the case of education and learning financial loans. Apart from, the standard bank will even offer you its customers, that have serviced their house financial loans often for 3 years, best up financial loans to the extent of the volume which has been repaid. Portfolio progress The financial institution, which recorded a 35 for each cent leap in its retail lending portfolio from Rs 10,000 crore as of March-end 2009 to Rs 13,500 crore as of March-end 2010, is employing the benefits scheme as being a crucial differentiator to draw more retail buyers into its fold. In accordance to a senior official, the scheme continues to be drawn up to make sure that together with the home loan portfolio, the auto and training bank loan portfolios also expand. "Through the just lately launched loyalty rewards scheme for property mortgage customers, we want to carry ahead the growth momentum we attained in FY2010 while in the retail lending portfolio," mentioned Mr S Govindan, General Supervisor, Union Financial institution of India. As of March-end 2010, property financial loans accounted for 67 per cent (or Rs nine,000 crore) from the bank's whole retail lending portfolio of Rs thirteen,five hundred crore. Education and auto financial loans accounted for eleven for each cent (or Rs one,five hundred crore) and nine per cent (or Rs 1,200 crore) respectively from the somme retail lending portfolio. Union Bank's credit portfolio increased by a strong 23.3 for each cent (to Rs 121,000 crore) as in opposition to the Reserve Traditional bank of India's non-food credit score progress projection of 16 per cent for your banking sector for FY2010. So that you can attract financial savings financial institution (SB) deposits, the state-owned bank also plans to unveil a pre-sanctioned loan facility for its SB account holders. The bank loan quantity in such cases will likely be linked to your typical balances managed by them in the account. The bank's existing account, cost savings banking account (CASA) deposits nudged up to 31.68 per cent (30.06 for each cent in FY2009) in the complete deposits of Rs 170,000 crore as of March-end 2010. In FY2010, its deposits improved by 22 per cent. According to Mr Govindan, the bank's latest '10/10' campaign on house financial loans, among other folks, concentrates on functions for example hassle-free documentation, prolonged repayment period (25 a long time), versatile equated monthly instalment facility and no prepayment penalty. bank home loans