SBI cuts affordable home loan rates by 25 bps to 8.35%; here's what other banks offer

State Bank of India, the country's largest commercial lender, on Monday took the initiative by announcing a steep reduction of 25 basis points in affordable housing loans to 8.35 percent for new borrowers.

Reuters

Reuters

As per the government's new scheme, loans below Rs 30 lakh will qualify for affordable housing.

For male borrowers, the reduction in home loans will be available for a limited period till 31 july with a reduction of 20 bps to 8.40 percent, SBI's managing director for national banking, Rajnish Kumar said.

The new rate reduction of 25 basis points for women will be for the salaried borrowers and for the non-salaried, it will be 20 bps cut.

While SBI has taken the lead in rate cut making its home loan the lowest in the industry, here is a look at interest rate offered by other banks to their home loan customers.

Bank NameInterest Rate (%)TenureAmount
Bank of Baroda8.35%10-30 yearsRs 10L-10 Cr
State Bank of India8.35%10 – 30 YearsLess than Rs 30 L
Kotak Bank Ltd8.75%10 – 30 YearsRs.20L Min
ICICI8.65%10 – 30 YearsRs.5L – Rs.10Crs
HDFC Ltd8.65%10 – 30 YearsRs.5L – Rs.10Crs
Union Bank8.60%10 – 30 YearsRs.15L – Rs.5Crs
L&T Housing Finance9.90%10 – 20 YearsRs.3L – Rs.10Crs
RBL Bank10.30%10 – 25 YearsRs.10Crs Max
Data Courtesy: Apnapaisa.com

 

 


Published Date: May 08, 2017 06:08 pm | Updated Date: May 08, 2017 06:08 pm

Also See