SBI slashes home loan rates by up to 0.15%

SBI slashes home loan rates by up to 0.15%
Public-sector lender, State Bank of India has cut home loan rate by up to 0.15 per cent on housing loan, a move likely to be followed by other lenders, said the media report.

Home loans of up to Rs 75 lakh would now be available to fresh borrowers at 10.10 per cent against the existing rate of 10.15 per cent, State Bank of India (SBI) said in a statement.

The bank has removed the additional concession of 0.05 per cent given to women borrowers earlier and has brought in uniformity to all borrowers, added the media report.

With regard to loans of above Rs 75 lakh, the new rate would be 10.15 per cent from the existing rate of 10.15 per cent, down by 0.15 per cent.

"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.

SBI home loans are available under two slabs -- under Rs 75 lakh and above Rs 75 lakh.

Read more about: state bank of india
Story first published: Wednesday, August 27, 2014, 12:20 [IST]
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