Good news for loan seeker! India’s largest lender Chain State Bank of India has cut its home loan rates to a 9.1 as part of the festive scheme, the dreams will come true for those who are looking to have their own dream home.
State Bank of India has waived off the processing fee
This is the lowest rate ever that cuts the bank during six years and comes after the bank reduced its benchmark rates by 15 basis points. Women will get a home loan for 20bps above the benchmark rate, which means at9.1, whereas, for others, home loans will be available at 9.15%. Another benefit of getting a loan is that the State Bank of India has also waived off all processing fees. With this scheme, SBI’s cheapest home loans are now 20bps lower than other banks like ICICI and HDFC home loan rate of 9.3%.
We have lowest rates than other banks, says Kumar
State Bank of India MD Rajnish Kumar told TOI, “the rate cut will bring down the equated monthly installment on RS50 lakh loan by Rs 542 per month. Since March, the EMI has come down by over RS 1500”.
The public sector bank is not leaving any stone unturned to overcome extremely sluggish growth in loans. For grabbing more and market share, SBI is offering lowest rates on a takeover of loans.