SBI cuts home loan rates in affordable housing push

In order to give a fillip to the affordable housing segment in line with the Prime Minister’s vision of providing ‘housing for all’ by 2022, State bank of India declared interest rate deduction in housing loan.

“SBI has announced an interest rate cut of up to 25 basis points for affordable housing loans under Rs 30 lakh.

In a limited period offer which will be valid till 31st July, salaried woman borrowers can avail loan at an interest rate of 8.35 percent, offering a reduction of 25 basis points while for the non-salaried, the rate cut will be a 20 basis points.

For salaried male borrowers, loan will be available at 8.40 per cent; a rate cut of 20 basis points while for the non-salaried, the rate cut will be a 15 basis points. The new rates will be effective from Today.