According to SBI sources, their home loan rates are still cheaper than the other lenders
Representational image
Mumbai: Home loan borrowers will be disappointed on Monday when SBI new lending rates come into force. It had had taken the lead and cut it base rate by a hefty 40 per cent to 9.3 per cent after RBI’s Raghuram Rajan cut the key policy rate by 50 per cent. However, home loan borrowers will get just a maximum reduction of 20 per cent. They will have to pay up to 0.7 per cent above the base rate, or interest of as much as 10 per cent for their loans.
Women home loan borrowers who get loans at subsidised rates will also see their loans come down only by 20 per cent and will pay an interest of 9.5 per cent from 9.7 per cent earlier.
According to SBI sources, their home loan rates are still cheaper than the other lenders. Their decline in home loan rates since the beginning of 2014 has been 75 basis points which is more than the reduction of the base rate at 70 basis points.
In the case of the Maxgain home loans above Rs 1 crore which is at 9.75 per cent for women would come down by only 20 basis points, while for other customers it would actually remain unchanged at 10 per cent. In the case of Maxgain loans for commercial real estate, customers would be charged 65 basis points above the base rate or 9.95 per cent while women customers will be charged 70 basis points above the base rate or 10 per cent for other customers.
( Source : deccan chronicle )
Next Story
