SBI cuts affordable home loan rates by up to 0.25%

India’s largest lender SBI on Monday announced a steep interest rate reduction of up to 25 basis points for affordable housing loans, offering 8.35 per cent to new women borrowers.

Under the new government scheme, loans under Rs 30 lakh qualify for affordable housing.

In the male borrower category, the limited period offer is valid till July 31 and the reduction for the salaried is 20 bps to 8.40 per cent and that of non-salaried 15 bps, SBI Managing Director for national banking, Rajnish Kumar, told.

The new rate reduction of 0.25 (rpt) 0.25 per cent for women will be for the salaried borrowers who can avail of 8.35 per cent, and for the non-salaried, it will be a 20 bps cut.

One percentage point is 100 basis points (bps).

“This a huge saving for the borrower as the 25 bps reduction translates into a saving of Rs 530 per month on EMIs,” he said.


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