SBI has cut off affordable home loan rates by 0.25 percent, and it’s the lowest in the market.
The percentage reduction translates to around INR 530 per month on EMIs. SBI is India’s largest
lender. It announced the home loan rate cut on May 8. It is also offering 8.35 percent to new
women borrowers. Loans under INR 30 lacs qualify for affordable housing under the new
government scheme. For the male borrower, the limited period offer is till July 31. There has
been a reduction of 0.20 percent to 8.40 percent for the salaried.
For the non-salaried, it is 0.15 percent. For women, the new rate reduction is 0.25 percent for
the salaried borrowers, who can avail of 8.35 percent. For the non-salaried, there will be a 0.20
percent price cut. The new rates have become effective from May 9. SBI is currently leading the
home loan market with a 25-26 percent market share that translates to a home loan book of
INR 2.23 trillion