New Delhi | Jagran Business Desk: India's largest public lender, the State Bank of India (SBI) on Saturday announced a rate cut in its home loan interest rates From 6.95 per cent to 6.7 per cent. The change in interest rates will come into effect from today (May 1) onwards.

As per the new rates announced by the SBI, homebuyers can get a home loan of up to Rs 30 Lakh at an interest rate of 6.7 per cent, while an interest rate of 6.95 per cent will be levied on a home loan of up to Rs 30 lakh to 75 lakh. Customers wanting a home loan of up to Rs 75 lakh will have to pay an interest rate of 7.5 per cent.

“SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. 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, managing director (Retail & Digital Banking). “I am sure these measures will give a fillip to the real estate industry too,” he further mentioned.

Besides, women borrowers will get a special concession of 5 basis points. 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 basis points. This move aims to improve the affordability of prospective home loan customers, State Bank of India said.

Earlier, SBI had reduced the home loan rate to 6.7 per cent till March 31 as part of a festive offer. The lender commands over 34 per cent market share in home loans. Its home loan portfolio has crossed the milestone of Rs 5 lakh crore. They were restored to 6.95 per cent from April 1.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. Its home loan portfolio recently crossed the milestone of Rs 5 lakh crore.

Posted By: Talibuddin Khan