SBI- State Bank of India has given a big gift to its customers. The bank has reduced interest rates. The new rates will be applicable from Wednesday i.e. 15 September.
The country’s largest public sector bank SBI has decided to cut the base rate. The new rates will be applicable from September 15. SBI’s base rate has come down by 5 basis points to 7.45 per cent from September 15. Apart from this, the bank has also reduced the prime lending rate by 5 basis points to 12.20 percent.
Banks cannot give loans below the base rate
The Reserve Bank of India fixes the base rate. No bank, be it private or government, can offer loans below the base rate. All private and government banks consider the base rate as standard. Currently, the base rate of RBI is between 7.30-8.80 percent. Talking about State Bank, earlier in April, SBI had cut the interest rate on home loans. Now SBI is providing home loan at the rate of 6.70 percent. Women lenders are getting a separate deduction of 5 basis points.
Kotak Mahindra Bank has also reduced loan rates
Private sector bank Kotak Mahindra Bank announced a cut in the interest rate of home loans last week. Kotak Mahindra Bank has cut 0.15 percent. After the deduction, the interest rate of home loan has come down from 6.65 percent to 6.50 percent.
Affordable home loan rates for customers are available till November 8, 2021. Apart from new home loan customers, this new interest rate will also be applicable to those customers who come to Kotak Mahindra Bank by transfer from any other bank.
The bank said that the new rate of interest for home loans has come into effect from September 10. At present, 16 banks and other housing finance companies in the country are offering home loans to customers at an interest rate of less than seven per cent.
HDFC,ICIC Bank Loan
Housing finance company HDFC Home Loan has interest rates starting from 6.75 percent (for women customers). However, for all other customers, the home loan interest rates will start from 6.80 per cent. Now taking a loan of up to 30 lakhs for 20 years, then how much EMI will be made. ICICI Bank has fixed the interest rate on the home loan from 6.75 percent to 7.55 percent.
