Good news for news home buyers as SBI cuts down home loan rates by 25 bps

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All those who were planning to purchase their dream home, its an uplifting news for them as country’s largest home loan provider bank State Bank of India (SBI) will help you to make your dream come true in owning your dream home in reality.

In an unfolding event, it was discovered that State Bank of India has announced deduction in the home loan rates by 25 basis points (bps) from 8.60 per cent to 8.35 per cent per annum.

It was learnt that the new rate will be made effective from 9th May 2017. The bank said the eligible buyers can also take the benefit of interest subsidy of Rs 2.67 lakh which will come under ‘Pradhan Mantri Awas Yojana’.

It is said that presently, SBI’s interest rate is reported lowest in the market.

In a statement Rajnish Kumar, Managing Director – NBG, SBI said, “We have seen a steep hike in the home loan enquiries recently and reduction in rates will further help millions of homebuyers fulfill their dream of owning a home”.

For all salaried customers, the effective interest rate will be 8.35 percent per annum for the loans up to Rs 30 lakh.

The bank will now charge 8.60% on all loans which would be above Rs 75 lakhs.

However, State Bank of India has also come up with the special offer to provide construction finance for all the builders for affordable housing projects.

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