Mumbai: The country’s largest home loan provider State Bank of India (SBI) has announced reduction in the home loan rates by 25 basis points (bps) from 8.60 per cent to 8.35 per cent per annum, which will come into effect from Tuesday.
“The largest home loan provider in India has taken a giant leap to give a fillip to the affordable housing. SBI has announced rate cut by 25 basis points to 8.35 per cent per annum. With this reduction, SBI’s offering is the lowest in the market,” the public lender said here in a statement on Monday.
“The new rate will be effective from May 9,” the statement said.
“To supplement the affordable housing push, SBI has also come out with special offerings for construction finance to the builders for affordable housing projects. This will give a dual push both for construction finance and also for home finance for affordable homes,” SBI said.