SBI cuts affordable home loan rates: All you need to know
Upping the ante in the housing loan segment, State Bank of India today steeply reduced its affordable home loan rates by up to 25 basis points, offering a lower rate of 8.35 per cent to new women borrowers.
With around 26 per cent market share, the nation’s largest lender is also the biggest player in the home loan segment. Even at the existing 8.60 per cent, SBI offers the lowest rate. HDFC, the second-largest player in the space, offers loans at 8.65 per cent to women for loans up to Rs 75 lakh and 8.7 per cent for others. Similar is the minimum rate being offered by the largest private lender, ICICI Bank.
As for male borrowers, the state-owned bank said the limited period offer is valid till July 31 and the new rate for the salaried will be lower by 20 bps at 8.40 per cent. One percentage point is 100 basis points (bps). Under the new government scheme, loans under Rs 30 lakh qualify for affordable housing in which the borrower gets an interest subsidy of Rs 2.67 lakh per annum.
SBI Managing Director for national banking, Rajnish Kumar said the 25 bps reduction is applicable to new women borrowers who …read more