Mumbai: State Bank of India (SBI) – the largest Home Loan provider in India has taken a giant leap to give a philippe to the affordable housing segment keeping the Prime Ministers vision of providing “Housing for All” by 2022. SBI has announced rate cut in Home Loans by 25 basis points to 8.35% per annum. With this reduction, SBI’s offering is the lowest in the market. The new rate will be effective from May 9th, 2017.
The effective interest rate for all eligible salaried customers will be 8.35%p.a. for loans upto Rs. 30 lacs. Over and above, an eligible home loan customer can also avail of an interest subsidy of Rs. 2.67 lacs under the Pradhan Mantri Awas Yojana scheme.
The interest rates for customers availing a Home Loan above Rs. 30 lacs have also been reduced. To supplement the affordable housing push, SBI has also come out with special offerings for Construction Finance to the builders for affordable housing projects. This will give a dual push both for construction finance and also for home finance for affordable homes.
Mr. Rajnish Kumar, Managing Director – NBG, SBI said, “We have seen a steep hike in the Home Loan enquiries recently and reduction in rates will further help millions of home buyers fulfill their dream of owning a home. Individuals can apply for Home Loans through multiple channels. SBI offers bouquet of Home Loan products catering to different sections of the society”