State Bank of Hyderabad (SBH) has reduced the base rate by 15 basis points from 10.20 per cent to 10.05 per cent.
The change, effective from May 1, will benefit borrowers having floating rate advances linked to base rate, a release from the bank said on Saturday. The reduction will be applicable to existing as well as new loans linked to base rate. Consequently, the bank will reduce interest rate on home loans from May 4. The effective rate after the change on home loans up to Rs.75 lakh will be 10.10 per cent as against 10.25 per cent now. On home loans above Rs.75 lakh, the reduction will be limited to 10 bps, with the new rate being 10.15 per cent as against 10.25 charged earlier.
