The nation's largest bank State Bank of India on Saturday reduced its home loan interest rates to 6.7% and also announced a special rate for women at 6.55%.
In a move to attract new budget home buyers, SBI will now offer a 6.70% rate for loans up to ₹30 lakhs and 6.95% for loans between ₹30 lakhs to ₹75 lakhs. Home loans above ₹75 lakhs will attract an interest rates of 7.05%.
At the current rate SBI is in direct competition for home loans from ICICI Bank and HDFC Bank. Axis bank however continues to have loan rates closer to 6.9%