The State Bank of India has reduced the interest rate on all home loans above 75 lakhs to 10.15%. The bank will now offer all home loans at an interest rate of 10.15% irrespective of the loan amount. For women borrowers, the special interest rate of 10.10% will prevail for home loans of all values. These changes are in effect from 26th August 2014.
Previously, all home loans upto 75 lakhs were being lent at 10.15% and home loans above 75 lakhs were lent at a higher rate of 10.30%, but now this has been done away with. So under the revised system, it will charge a uniform rate of 10.15%.
Comparison of lending rates for all borrowers
The SBI had introduced a special scheme for women borrowers, wherein the lending rates were reduced by 0.5% to 10.10% for loans up to 75 lakhs and 10.25% above 75 lakhs. However with this new change in the lending structure all home loans for women irrespective of the loan amount will be given at a lucrative rate of 10.10%! This makes SBI home loans for women, the cheapest home loans available in the market.
Comparison of lending rates for women borrowers
This is not a festive offering and all other conditions and policies of SBI regarding the various home loan products remain unchanged.
According to SBI officials, a few more policy changes can be expected by end of this week. Although official website of SBI has not been updated yet, you can expect the change to be reflected soon!
Here are a few more quick updates on home loan interest rates across India:
HDFC too has announced an interest rate of 10.15% for all new borrowers irrespective of the loan amount. This scheme has been in effect since 1st August 2014.
Bajaj Finance has introduced a home loan scheme in which first 3 installments for all borrowers have been waived of.
Meanwhile, use this calculator to see how much you can save by switching your home loan to a lower interest rate.
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