The country’s largest bank SBI has slashed home loan rate by up to 0.15 per cent on housing loan and removed the slab for advances, a development which will have bearing on mortgage rate of other lenders. Home loan of any amount would now be available at 10.15 per cent while for women borrower the rate of interest would be 10.10 per cent, SBI said.
The base rate or the minimum lending rate below which the bank cannot lend is 10 per cent. The country largest lender, SBI, has now removed two home loan slabs – under Rs 75 lakh and above Rs 75 lakh. ‘It has been decided to offer uniform interest rate on home loans with effect from 26 August, irrespective of loan amount,’ it said.
The base rate or the minimum lending rate below which the bank cannot lend is 10 per cent. The country largest lender, SBI, has now removed two home loan slabs – under Rs 75 lakh and above Rs 75 lakh. ‘It has been decided to offer uniform interest rate on home loans with effect from 26 August, irrespective of loan amount,’ it said.