SBI lowers Home Loan Rates for New Individual Loans Above Rs 75 Lacs
Even before the onset of anticipated early monsoons, good news is raining for home loan customers. On the back of RBI’s recent announcements of reductions in home loan risk weightage, today India’s largest Bank, SBI announced a 10 basis points (bps) lowering of Home Loan Interest Rates with effect from 15 June 2017.
The formal SBI announcement states “Home loans above 75 Lakhs will now be cheaper by 10 bps with effect from June 15. The revised interest rates will be 8.55 per cent per annum for salaried women borrowers. For others the rate of interest will be 8.60 per cent per annum”. Comparatively, since May 2017, HDFC’s home loan rate for individual loans above 75 Lakhs is 8.55 per cent.
This SBI rate cut is understood to be applicable for new customers only, as for existing customers will need to wait for a reduction in the MCLR and/or Base Rate. A couple of days back, the RBI had announced reductions in risk weights, standard asset provisioning rate and LTV (loan to value) ratios, for new housing loans to individual customers. The previous reduction in rates by SBI was in April 2017, when the interest rates were lowered by 25 basis points. Given the trends in recent months of subsequent lowering of home loan rates, market watchers are hoping that other lenders may follow suit post SBI’s move.
This additional benefit to customers is certainly welcome news as not only does it give an additional impetus to potential home buyers to consider a loan; it also supports salaried women in their quest to own a dream home for their families.
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