State Bank of India (SBI) has slashed interest rates by 0.15 per cent on its home loans interest rate, taking its present rates to a to a 6 year low. The latest rates are applicable for new borrowers and are effective from November 1, 2016.
For woman borrowers, the interest rate applicable is 9.10 per cent per annum. Earlier, the rates were available at 9.25 per cent. Note that women borrowers should be the sole applicant or one of the co-applicants for a home loan, and also one of the co-owners of the property.
For other borrowers, the interest rate is at 9.15 per cent from the earlier 9.30 per cent.
For loans above Rs 75 lakhs, the interest rate is applicable at 9.25 per cent for women borrowers and for others it is 9.30 per cent.
As per reports, SBI has also waived off the processing fee on its approved projects and balance transfer of home loans.
The festival offer is valid from November 1, 2016, to December 31, 2016, SBI has said.