SBI may reduce home loan rates in October

State Bank of India (SBI) may bring down its home loan interest rates for new consumers in the festival season. The interest rates could be revised downwards or discounts be offered from October, for a couple of months.

The SBI home loan rates currently are at 12.75 per cent on fixed interest rate and the floating interest rate range between 10.75-11.25 percent, depending on the tenure.

One of SBI’s associate banks, the State Bank of Patiala had recently waived the processing fee on fresh loans and reduced interest rates from 11.25 per cent to 10.5 per cent (floating) for a period above five years and up to 20 years.