SBI cuts home loan rates by 15 bps; makes rate structure uniform

New Delhi : Country’s largest bank State Bank of India (SBI) slashed home loan rate by up to by 15 basis points on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders, reports PTI.

Home loan of any amount would now be available at 10.15% while for women borrower the rate of interest would be 10.10%, SBI said in a corrected statement. The base rate or the minimum lending rate below which the bank cannot lend is 10%.

SBI has now removed two home loan slabs — under Rs 75 lakh and above Rs 75 lakh. “It has now been decided to offer uniform interest rate on home loans with effect from August 26, irrespective of the loan amount,” it said. So as per the revised statement, the concessional 0.05 per cent interest rate has been maintained for women borrowers provided she is the sole applicant or the first of the co-applicants and also the sole or the first of the co-owners of the property.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal