SBI slash home loan interest rates

Vijayawada: As part of the Union government’s policy on affordable housing for all, the State Bank of India slashed the interest rates on home loans, said SBI Deputy General Manager Deep Chand. The DGM, along with SBI Vijayawada zone regional manager Garikapati Venkat addressed a media conference at the zonal office on Thursday. Deep Chand said about 30,000 home loan new customers would be benefited with the reducing interest rates on home in Vijayawada region.

He said the SBI has the highest share in home loans market in Vijayawada region with 30 per cent share. He said housing loan interest reduced from 8.60 per cent to 8.35 per cent to salaried women and to 8.40 per cent for men. Deep Chand disclosed that rate of interest for the non-salaried woman applicant reduced from 8.70 per cent to 8.50 and non- salaried men the rate of interest cut down from 8.75 per cent to 8.55 per cent.

He announced that Prime Minister Narendra Modi was encouraging housing in the country and trying to implement affordable housing policy with a view to providing housing for all by 2022. He said the new rate of interest came into effect from May 9 across the country and appealed to the customers to make use of the facility.

SBI regional manager Garikapati Venkat said the SBI is charging lowest interest on home loans in the country. He said the SBI has 30 per cent share in home loans in Vijayawada region and hoped its share would increase by another five per cent with slashing of interest rates on home loans.

He said the SBI is ready to take over and bank is not charging processing fee at present. He said most middle class customers take home loans less than Rs 30 lakh and so the SBI is also giving priority to provide housing loan at the lowest level. Assistant general manager N Subbarayan was also present at the press meet.