The State Bank of India has announced the second reduction in four days, a further reduction of 10 basis points with reclaiming its position as the cheapest home loan provider.

The borrowers will get the loans at 9.85% (for women) and 9.9% (for others).

“SBI has always been competitive in home loans. We were providing new borrowers some concessions in the form of lower processing fees earlier. These concessions came to an end in March and we, therefore, decided to come out with some support for borrowers,” J Lakshmi, CGM, SBI, said.

“Those who choose to refinance their existing home loans with SBI can do it under the new rates,” said Lakshmi.