The State Bank of India, SBI, the largest lender cut interest rate on home loans above Rs 75 lakh by 10 basis points (bps) to 8.60 percent. For salaried women borrowers, the loans will be offered at 8.55 percent. SBI, in a statement said that the new rates will be effective from June 15.
The home loan rates offered are lowest in the industry. The statement added that taking a cue from the recent RBI reduction in risk weightage on home loans, SBI is passing on the benefit to its customers by reducing its interest rates on home loan above Rs 75 lakh.
SBI has the largest share on the home loan market. The rates were reduced for the third time in 2017. Last month, SBI had reduced interest rates on home loans up to Rs 30 lakh to be offered at 8.35 percent for women borrowers and 8.40 percent for others.
