If you are planning to buy a new home, so don’t miss the opportunity, as Home loan rates have fallen to their lowest level in the six years.
On Sunday, the State Bank of India has decided to cut its lending rates by 90 basis points maturities ranging from overnight to three-year tenures. For the women customers, the home loan rate has been fixed at 8.5% for the first two years.
SBI has also reduced the marginal cost of funds-based lending rate (MCLR) to 8 per cent for one-year tenure, from 8.9 per cent.
Besides SBI, other government banks including the Union Bank of India and the Punjab National Bank also reduced their rates.
It is also expected that some of the Private sector banks like ICICI Bank are also planning to cut rates.