12 April, New Delhi
State Bank of India Sunday announced a cut in home loan rate by up to 0.25 per cent. The rate cut will be effective from tomorrow. It is higher than the reduction of 0.15 per cent in base rate that came into force on 10th of this month.
In a statement issued in New Delhi, the bank said the home loan rate stood at 10.1 per cent for women borrowers prior to the reduction in base rate. It will now be 9.85 per cent.
For other borrowers, the new rate is 9.9 per cent, down from 10.15 per cent before base rate cut. The rates will be applicable for all new home loans sanctioned on or after 13th April.