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.
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 Name||Interest Rate (%)||Tenure||Amount|
|Bank of Baroda||8.35%||10-30 years||Rs 10L-10 Cr|
|State Bank of India||8.35%||10 – 30 Years||Less than Rs 30 L|
|Kotak Bank Ltd||8.75%||10 – 30 Years||Rs.20L Min|
|ICICI||8.65%||10 – 30 Years||Rs.5L – Rs.10Crs|
|HDFC Ltd||8.65%||10 – 30 Years||Rs.5L – Rs.10Crs|
|Union Bank||8.60%||10 – 30 Years||Rs.15L – Rs.5Crs|
|L&T Housing Finance||9.90%||10 – 20 Years||Rs.3L – Rs.10Crs|
|RBL Bank||10.30%||10 – 25 Years||Rs.10Crs Max|
|Data Courtesy: Apnapaisa.com|
Updated Date: May 08, 2017 18:08 PM