Home Loan News
SBI may lower housing loan, retail loan rates by mid-September
Wednesday,5th September 2007
|
State Bank of India (SBI) may revise
interest
rates on home loans and other retail loans by
mid-September, with the beginning of the festive season.
The SBI banks in Maharashtra and Goa circle are already offering home and auto loans for new borrowers at 50 basis points lower than the effective rates. SBI offers floating rate home loans at an interest rate of 10.75 to 11.25 per cent. For a fixed rate housing loan for up to 10 years, the interest rates are 12.75 per cent. As part of the promotional offer in Maharashtra, the bank has also waived half of the processing fee. It is offering a higher loan to value ratio for new home loan borrowers. The housing finance seekers can get loans higher than the normal 80-85 per cent of the property cost. |
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