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The State Bank of India which is the largest bank of the country, has lowered its home loan rates between 10 to 25 basis points.
The bank, now, will be charing salaried borrowers 8.35% on home loans up to Rs 30 lakhs as compared with 8.60%.
For loan above Rs 30 lakhs, the bank will be charing 8.50%, down by 10 bps. And on loans above Rs 75 lakhs, the bank will continue to charge 8.60%.
The rate cut will benefit to only the new borrowers since the existing borrowers are locked into one year fixed rate on interest as per the rule of arriving at lending rates.
