State Bank of India (SBI) has announced a cut in home loan interest rates starting from 6.70 percent for loans up to Rs 30 lakhs and 6.95 percent for loans above Rs. 30 lakhs and up to 75 lakhs. The big-ticket loans above Rs. 75 lakhs would get home loans at 7.05 percent.
Women borrowers will get a special 5 bps concession when they apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 bps.
C S Setty, MD (Retail & Digital Banking) said, “the affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too”. The interest rate cut would give a fillip to the real estate sector, Setty added.