SBI cuts down home loan rates

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The country’s largest lender, State Bank of India has cut down on the home loan rates up to Rs 30 lakh to 9.35 percent, accounting to a slash down of 25 bps. Starting from today, this new rate comes to effect and is applicable to salaried customers.

For all the eligible salaried customers, the effective interest rate is 8.35 percent per annum for all loan amounts up to Rs 30 lakh. It is also possible for eligible home loan customers to get subsidy of the rage Rs 2.67 lakh out of Pradhan Mantri Awas Yojana Scheme, reads an SBI statement.

When the loan amount is above Rs 30 lakh, 8.5 percent rate of interest will be applicable. This is lower by 10 bps. For loan amounts more than Rs 75 lakh, there is no change in interest and remains as 8.6 percent.

The Managing Director SBI, Rajnish Kumar said there is uptick observed with total number of Home loan applications. This slash down of rates will aid millions of home buyers in getting their dream come true. There are various channels for applying for home loan, he adds.