SBI cuts home loan interest rate by up to 0.25%

April 12, 2015 21:08

Matching its competitor HDFC Ltd, State Bank of India Sunday announced a cut in home loan rate by up to 0.25 percent, providing relief to new borrowers.

The cut in interest rate on home loans, with effect from Monday, is higher than the reduction of 0.15 percent in base rate that came into force on April 10.

The bank said in a statement that the home loan rate stood at 10.1 percent for women borrowers prior to the reduction in base rate. It will now be 9.85 percent.

For other borrowers, the new rate is 9.9 percent, down from 10.15 percent before base rate cut.

The rates will be applicable for all new home loans sanctioned on or after April 13, SBI said.

The SBI announcement comes two days after HDFC Ltd, the country's largest mortgage firm, reduced home loan rate by 0.2 percent to 9.9 percent for new as well as existing borrowers.

As of December, 2014, SBI had outstanding housing loan of Rs 1,52,905 crore as against Rs 1,35,129 crore at the end of third quarter of the previous fiscal registering a growth of 13.15 percent.

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