SBI cuts affordable home loan rates to 8.35 pc, lowest in market

  • SBI cuts affordable home loan rates to 8.35 pc, lowest in market
08-05-2017 | Pratidin Bureau. |

State Bank of India (SBI) on Monday announced a rate cut in the home loans category by 25 basis points to 8.35 percent per annum in line with Prime Minister Narendra Modi's initiative of 'Housing for All' by 2022.
 
For loans under Rs 30 lakh, the rates have been cut by 25 basis points to 8.35% while above that amount, the rates have gone down by 10 basis points.
 
The new interest rates will be effective from May 9th, 2017.
 
SBI Managing Director Rajnish Kumar claimed that SBI’s new offer is the lowest rate in the country.
 
The eligible borrowers can also an avail an interest subsidy of Rs. 2.67 lakh under the Pradhan Mantri Awas Yojana scheme.
 
Under the Pradhan Mantri Awas Yojana (Urban) for middle-income groups, home loan borrowers buying their first home are eligible for subsidy on interest repayments.
 

Tags : SBI home loan


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