IndRead |Latest Updates and Breaking News Today in India

SBI Home Loan Interest Reduce by 0.25 Percent | New Rates from 13 April

State bank of India announced today regarding SBI Home Loan Interest Reduce by 0.25%. SBI can also reduce base rate by April end after analyzing its financial records.

Right after HDFC home loan reduce declaration, the State Bank of India today declared a cut in home loan interest rate by up to 0.25%. Interest rate figures now will definitely provide relief to new borrowers especially for women.

According to the bank, new rates will take effect from tomorrow and at the same time; it is higher than the reduction of 0.15% that declared on 10th April. In one of its statement SBI stated that the current loan rate for women stood at 10.1% which will now be 9.85. For other borrowers the new figure will be 9.9% against previous 10.15.

Statements on SBI Home Loan Interest Reduce

Chairman of SBI, Arundhati Bhattacharya stated in one of her statement that they are planning to reduce the base rate as low as possible at which they can finance for home loan. On the other hand, after analyzing the Q4 data, possibilities of reducing deposit rate is also there by end of April 2015.

SBI also announced that “Interest rate on the bank’s home loans was 10.10 per cent for Women under HER Ghar and 10.15 per cent for others.”

J Lakshmi, SBI chief general manager for real estate stated that, “We have decided to cut the spread by an additional 0.10 per cent today for new borrowers. Women borrowers should be sole applicants or first of the co-applicants and also the sole/ first co-owners of the property to avail of the benefit extended to them.”

The revised EMI per 100 thousand for loan tenure of 30 years will be Rs 867 (for women under HER Ghar scheme) and Rs 871 (for others borrowers) as against Rs 885 and Rs 889 respectively, prior to reduction in base rate, SBI added.