India’s largest lender, State Bank of India (SBI), reduced its home loan rates to offer uniform interest rate on home loans.
Irrespective of the loan amount, SBI will offer home loans at an interest of 10.15 per cent to home loan borrowers, as per an SBI statement.
Earlier, the interest rates stood at 10.15 per cent on loans up to Rs. 75 lakh and 10.30 per cent on those above Rs. 75 lakh.
Women borrowers will be offered loans at 10.10 per cent across all loan amounts. Earlier, women were charged 10.10 per cent on loans up to Rs. 75 lakh and 10.25 per cent on loans above Rs. 75 lakh
“It has now been decided to offer uniform interest rate on Home Loans w.e.f. 26th August, 2014, irrespective of the loan amount,” SBI statement said.
SBI’s base rate or minimum lending rate is at 10 per cent.
Previously, the interest rates on SBI home loans were reduced on December 20, 2013 with a separate interest rate structure rolled-out for woman borrowers, the bank said.
Source : http://goo.gl/nz6W4K