SBI home loan rate now lowest in 6 yrs
To cash in on the festive fervour, State Bank of India (SBI) on Wednesday cut interest rate on home loans by 0.15 per cent, thereby bringing it down to the lowest level in six years.
New Delhi: To cash in on the festive fervour, State Bank of India (SBI) on Wednesday cut interest rate on home loans by 0.15 per cent, thereby bringing it down to the lowest level in six years.
After the reduction, SBI home loans up to Rs 75 lakh will now be available at 9.15 per cent interest rate. while women borrower will get at 9.10 per cent.
SBI Home Loans are cheapest in the market and provide an excellent opportunity for both new home buyers as well as those who wish to switch over their home loan to SBI to save on EMI, the bank said in a statement.
On a home loan of Rs 50 lakh, reduction in interest rate by 0.15 per cent by SBI will help a home buyer to save Rs 542 per month and approximately Rs 2 lakh during the loan tenure of 30 years, SBI added.
Meanwhile, ICICI Bank launched home loan overdraft for salaried customers. Called ICICI Bank Home Overdraft, this offering helps a salaried customer to seek loans up to Rs 1 crore for personal needs against his/her property.
“This offering provides customers with the dual advantage of a term loan and an overdraft facility. While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required,” the bank said in a release.
Those buying the overdraft loan from the bank will be able to utilise the funds for their personal needs such as education, medical treatment, home renovation, marriage and overseas travel, among others.
