New Delhi, November 2: The State Bank of India has come up with a double festival bonanza for women home buyers as the largest bank of India has slashed its home loan rates to 9.1%.
To attract new customers, in addition to rate cut, the bank has also removed “processing fees.” This year’s festival offer is the best one in the last six years as it has also surpassed other major players like ICICI and HDFC. Last week, SBI reduced its benchmark rates by 15 basis points.
The offer is effective from November 1 and all those who apply in November or December can make use of the deal.
Under the current scheme, women applicants or co-applicants with women can avail home loan at 20bps above the benchmark rate. This would come out as 9.1% for women folks while for other borrowers home loan would be available at 9.15%.
“The rate cut will bring down the equated monthly installment on a Rs 50-lakh loan by Rs 542 per month. Since March, the EMI has come down by over Rs 1,500,” SBI MD Rajnish Kumar.