Pandmic effect? SBI lowers home loan rates to almost historic low.
New Delhi: In a dramatic turns of its actions, State Bank of India has cut home loan interest rates which will now start from 6.7 percent.
The new rates will be effective from 1 May 2021. The rate of interest will be 6.7 percent for loans up to Rs 30 lakh. The interest will be 6.95 percent for loans between Rs 30 lakh and Rs 75 lakh. The loans above the Rs 75 lakh bracket will attract interest rate of 7.05 percent.
Women borrowers will get additional 5 basis points concession on the interest rate, the bank said in a statement.
The bank had raised interest rate to a minimum of 6.95 percent with effective April 1. Prior to this, the bank was giving home loans with starting interest rate of 6.7 percent.