SBI cuts home loan rates by 0.15%

State Bank of India has lowered its interest rates by 0.15% for its home loans up to Rs 75 lakh with effect from November 1, 2016, as part of its festival season offering. 

After the revision, loans up to Rs 75 lakh will now be available at 9.1% for women borrowers and 9.15% for other borrowers. This makes SBI home loans the cheapest and this also marks the cheapest home loan rates by SBI in the past six years. 

As per SBI, on a home loan of Rs 50 lakh, reduction in interest rate by 0.15% will help a



home buyer to save Rs 542 per month and approximately Rs 2 lakh during the loan tenure of 30 years. Value of the savings on EMI of Rs 542 per month, if invested in a recurring deposit, will be approximately Rs 6 lakh at the end of the loan tenure. The offer is valid from November 1 to December 31, 2016. 

Meanwhile, ICICI Bank has launched a credit facility, called the ‘ICICI Bank Home Overdraft’, which helps a salaried customer seek loans up to Rs 1 crore for personal needs against his/her property.