NEW DELHI: The country’s largest lender, State Bank of India (SBI) on Saturday said it has reduced home loans rates to 6.7 per cent. With the reduction, SBI home loan interest rates now start from 6.7 per cent for loans up to Rs 30 lakhs and 6.95 per cent for loans above Rs 30 lakhs and up to 75 lakh.
The big-ticket loans above Rs 75 lakhs would get home loans at 7.05 per cent, the bank said. Customers can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 bps, SBI said. Women borrowers will get a special concession of 5 bps.
“The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially,” said C S Setty, MD (Retail & Digital Banking). Separately, private sector lender IDFC First Bank said it will cut the interest rate on savings accounts from six percent to 4-5 percent for accounts with a balance of more than Rs 1 lakh and up to Rs 2 crore with immediate effect. The bank is offering an interest rate of four per cent for accounts with a balance of Rs 2-10 crore, five per cent for balances up to Rs 2 crore and 4.5 per cent for Rs 1-10 lakh.