State Bank of India(SBI) has cut home loan rates to a 9.1% -the lowest in six years -as part of a festive scheme. The rate cut comes on the back of a general interest rate reduction last week when SBI reduced its benchmark rates by 15 basis points (bps, 100bps = 1percentage point).
In terms of the festival scheme, home loans for women (or loans with women as co-borrowers) will be available for 20bps above the benchmark rate, which translates into 9.1%. For all other borrowers, home loans will be available at 9.15%. The festival rates will be available for loans sanctioned in November and December 2016 and where disbursement is taking place in a month. In addition to rate reduction, the bank has waived off all processing fees.