<p>State Bank of India (SBI) on Monday cut its home loan rates by 25 basis points (bps) to 8.35% per annum (p.a.). The new rate will be effective from 9 May, 2017 and with this reduction, SBI's offering is the lowest in the market.<br /><br />The effective interest rate for all eligible salaried customers will be 8.35% p.a. for loans upto Rs 30 lakh. Over and above, an eligible home loan customer can also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme, SBI said.<br /><br />Interest rates for customers availing a home loan above Rs 30 lakh have also been reduced. To supplement the affordable housing push, SBI has also come out with special offerings for construction finance to the builders for affordable housing projects. This will give a dual push both for construction finance and also for home finance for affordable homes, the bank said.<br /><br />"We have seen a steep hike in the home loan enquiries recently and reduction in rates will further help millions of home buyers fulfill their dream of owning a home. Individuals can apply for home loans through multiple channels," SBI national banking group managing director Rajnish Kumar said.</p>
<p>State Bank of India (SBI) on Monday cut its home loan rates by 25 basis points (bps) to 8.35% per annum (p.a.). The new rate will be effective from 9 May, 2017 and with this reduction, SBI's offering is the lowest in the market.<br /><br />The effective interest rate for all eligible salaried customers will be 8.35% p.a. for loans upto Rs 30 lakh. Over and above, an eligible home loan customer can also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme, SBI said.<br /><br />Interest rates for customers availing a home loan above Rs 30 lakh have also been reduced. To supplement the affordable housing push, SBI has also come out with special offerings for construction finance to the builders for affordable housing projects. This will give a dual push both for construction finance and also for home finance for affordable homes, the bank said.<br /><br />"We have seen a steep hike in the home loan enquiries recently and reduction in rates will further help millions of home buyers fulfill their dream of owning a home. Individuals can apply for home loans through multiple channels," SBI national banking group managing director Rajnish Kumar said.</p>
