The State Bank of India on Sunday reduced the interest rate on home loans by another 10 basis points with effect from April 13.
Earlier, the Bank had reduced this rate by 15 basis points, to 10 per cent per annum and to 9.95 per cent per annum for women borrowers, with effect from April 10.
This was, however, based on SBI’s base rate cut of 15 basis points to 9.85 per cent from 10 per cent with effect from April 10.
With Sunday’s announcement, the customers will get a cut of 25 basis points with effect from Monday, which means the home loan rate has been reduced to 9.90 per cent per annum from 10.15 per cent per annum and for women borrowers, the bank reduced the rate to 9.85 per cent per annum from 10.10 per cent per annum.
“The home loan rates will be applicable for all new home loans sanctioned on or after April 13, 2015,” said SBI in a press release here.
All its home loans are now at floating rates.
The revised EMI per lakh for a loan tenure of 30 years now will be Rs. 867 (for women under HER Ghar) and Rs. 871 (for others) as against Rs. 885 and Rs. 889 respectively.
