All customers of SBI who have already taken a loan under a special scheme will also benefit under the new offer.
State Bank of India (SBI) has slashed interest rate on new home loans at a fixed rate of 8%. This rate will be applicable to all new home loan borrowers irrespective of the loan amount.
However, the fixed rate of 8% will be effective for only one year. After that, these borrowers will have to pay the earlier contracted rate which in the case of special scheme borrowers will be 8.5% for loans up to Rs5 lakh and 9.25% for loans up to Rs 20 lakh.
All customers of SBI who have already taken a loan under a special scheme will also benefit under the new offer.
For home loans above Rs20 lakh, SBI will charge the prevailing home loan rates.
SBI has said that the offer is applicable only up to April 30.
Existing customers can also avail of the new home loan scheme. They can borrow up to 10% of their exposure subject to a cap of Rs5 lakh at 8%.
Source: indiainfoline.com
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