Published On: Thu, Nov 2nd, 2017

SBI Cuts Home Loan Interest Rates Further

State Bank of India (SBI) has further lowered its home loan interest rate, becoming the lowest to offer in the industry.

The largest public lender announced Thursday the new rate is to be 8.30 percent, lowered 0.05 percent from earlier 8:35 percent.

Similarly, the bank has also slashed down the interest rate on auto loan to 8.70 percent.

The latest step may prompt other lenders to cut their interest rates too on housing and auto loans.

SBI Cuts Home Loan Interest Rates Further

In a press statement SBI said, “With this reduction, SBI’s offering in home loan is the lowest in the market. The new rates will be effective November 1.”

Two days ago the bank had slashed down its marginal cost of funds based lending rate (MCLR) after a gap of about ten months, following the cut on January 1.

SBI MD retail banking, P K Gupta, said they are now offering lowest rates for most of their products with their wide distribution network.

It is learned in all other loan brackets the interest rate have been slashed down by 5 basis points, which means by 0.05 percent.

The bank statement added eligible customers can also avail interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana scheme of central government.

The new interest rate is only eligible for loan up to 30 lakhs.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.

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