SBI Cuts Home Loan to Lowest in 6 Years

SBI has scale down their home loan rates to 9.1%. This is good news for people who have taken or going to take the home loan from the state bank of India. They have introduced this offer as a part of the festive scheme.

The rate came back on the general interest rate reduction by last week is 15 basis points. In past six years, this is the first time to reduce the rate to lowest. For women, the interest rate is 9.10 %, and for remaining is 9.15%. This offer is applicable for people who have taken the loans in the month of November and December.

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In past SBI has provided home loan for women for 9.25% and general customers 9.30%. But now it is giving at 9.10 % for women and 9.15% for general customers. They have reduced 0.15% rate on the loans.

SBI also removed all processing charges on the home loan. Up to now Banks like ICICI and HDFC are providing home loans with the lowest rate at 9.3%. By crossing them, SBI is providing home loans with 9.1%.

SBI MD Rajnish Kumar said, if a person takes a loan of 50 lakhs for 30 years then his monthly EMI will be 542 per month. So, people who have a dream to make their own house can take these loans. For all people who take loans in the month of November and December, for them this offer is applicable.

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SBI benchmarks rate is the one-year marginal cost of the lending rate which has been effective from April 2016. The lower home rate reduced the SBI margins. They help bank in deploying resources which are piling upto bank deposits. They had reduced their deposit rates earlier but senior citizens will now get 50bps additional return as against only 25bps earlier.

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