SBI cuts home loan rate by up to 0.15%

The country’s largest bank SBI on Tuesday slashed home loan rate by up to 0.15 per cent on housing loan, a move likely to be followed by other lenders.

Home loans of up to Rs. 75 lakh would now be available to fresh borrowers at 10.10 per cent against the existing rate of 10.15 per cent, State Bank of India (SBI) said in a statement.

The bank has removed the additional concession of 0.05 per cent given to women borrowers earlier and has brought in uniformity to all borrowers.

With regard to loans of above Rs. 75 lakh, the new rate would be 10.15 per cent from the existing rate of 10.15 per cent, down by 0.15 per cent.

“It has now been decided to offer uniform interest rate on home loans with effect from August 26, irrespective of the loan amount,” it said.

SBI home loans is available under two slabs — under Rs. 75 lakh and above Rs 75 lakh.

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