State Bank of India, the country’s largest lender has reduced home loan rates up to ₹ 30 lakh to 9.35%, a reduction of 25 bps. The new rate which is for salaried customershas been made effective from today.
“The effective interest rate for all eligible salaried customers will be 8.35%p.a. for loans upto ₹. 30 lakhs. Over and above, an eligible home loan customer can also avail of an interest subsidy of ₹. 2.67 lacs under the Pradhan Mantri Awas Yojana scheme. ,” SBI said in a statement.
For loans over ₹ 30 lakh, the effective interest rate will be 8.5% lower by 10 bps. For more than ₹ 75 lakh, the rate remains unchanged at 8.6%.
Rajnish Kumar, Managing Director, SBI said, “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.”
