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GREAT NEWS : SBI cuts home loan interest rate by up to 0.25% !!

State Bank of India today announced a cut in home loan interest rate by up to 0.25 per cent for new borrowers.

For women borrowers, the rate has been aligned to the base rate at 9.85 per cent per annum.

However, for other borrowers, the interest rate will be 9.90 per cent, 5 basis points higher than the base rate or the minimum lending rate.

The SBI announcement comes two days after HDFC Ltd, the country’s largest mortgage firm, reduced home loan rate by 0.2 per cent to 9.9 per cent for new as well as existing borrowers.

To avail of the benefit, women borrowers should be sole applicants or first of the co-applicants and also the sole/first co-owners of the property.The revised EMI per lakh for a loan tenure of 30 years will be Rs. 867 (for women under HER Ghar) and Rs. 871 (for others) as against Rs. 885 and Rs 889 respectively, prior to reduction in base rate.