SBI cuts interest rate on home loans above Rs. 75 lakh !

The State Bank of India (SBI) today announced reduction in home loan interest rates by 10 basis points (bps) for salaried women who take a loan of above Rs. 75 lakh, effective from June 15.

“Home loans above Rs. 75 lakh will now be cheaper by 10 bps with effect from June 15. The  revised interest rates will be 8.55 percent per annum for salaried women borrowers. For  others, the rate of interest will be 8.60 percent per annum,” SBI said in a statement.

 Currently, SBI home loan interest rates stand at 8.65 percent.

 This is the second reduction in interest rates in last two months. SBI had reduced its interest  rates by 25 bps on April 9.

 Rajnish Kumar, MD, National Banking, SBI said, “SBI has always been at the forefront in  keeping the customers benefit first. This interest rate reduction will help home buyers come  closer to their dream home.”

 “Taking a cue from the recent RBI reduction in risk weightage on home loans, SBI is passing   on the benefit to its customers by reducing its interest rates on home loan above Rs. 75       lakh,” he added.



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