Home loan rates to 8.35%, lowest in market

23 May 2017

Home loan rates to 8.35%, lowest in market

State Bank of India, on May 8, 2017, announced a steep reduction in its affordable home loan rates by up to 25 basis points, with the lowest rate of 8.35 per cent for new women borrowers, who are salaried. For the non-salaried women borrowers, the reduction is 20 bps.For male borrowers, SBI said the limited period offer is valid till July 31 and the new rate for the salaried will be lower by 20 bps at 8.40 per cent. A non-salaried male borrower can avail of a loan at 15 bps lower than the current rate. With around 26 per cent market share, the nation’s largest lender is also the biggest player in the home loan segment. Even at the existing 8.60 per cent, SBI offers the lowest rate. HDFC, the second-largest player in the space, offers loans at 8.65 per cent to women for loans up to Rs 75 lakh and 8.7 per cent for others. Similar is the minimum rate being offered by the largest private lender, ICICI Bank.