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SBI home loan: State Bank of India reduced interest rate on home loan, know new rate

SBI home loan: On April 1, SBI increased the interest rate on home loans from 6.70 percent to 6.95 percent.

The State Bank of India has once again decided to reduce the interest rate on home loans. SBI has reduced the interest rate on home loans to 6.70 per cent. On April 1, SBI increased the interest rate on home loans from 6.70 percent to 6.95 percent. In this way, the interest rate has been cut by 25 basis points.

SBI is offering home loans of up to 30 lakhs to its customers at an interest rate of 6.70 per cent. The interest rate on home loan from 30 lakh to 75 lakh will be 6.95 percent. The interest rate on home loans above 75 lakhs will be only 7.05 percent. If a woman takes a home loan in her name, then she will get a special discount of 5 basis points. If Custer applies for home loan with the help of SBI YONO App, then he will get digital incentive of 5 basis points. Meaning, the interest rate will be reduced by 5 basis points on applying from the YONO app.




Minimum interest rate of different banks
Talking about home loan, the minimum interest rate on SBI home loan is 6.95% so far, HDFC’s minimum interest rate 6.95%, ICICI Bank 6.70%, Axis Bank 6.70%, PNB Housing 7.35%, LIC Housing Finance 6.90% , 6.65 percent of Citibank and 7.15 percent of PNB.

Home loan interest rate lowest in a decade
If you are planning to buy a house, then this is the right time. In fact, in the wake of high liquidity, general credit demand remained below the desired level, the major banks of the country have reduced their home loan rates to a decade low. These include State Bank of India (SBI), HDFC Limited (HDFC Ltd), ICICI Bank (ICICI Bank) and Kotak Mahindra Bank.

Policy rate decreased by 2 percent in the Corona period
Apart from this, Reserve Bank of India (RBI) is also pressurizing banks to cut interest rates in line with the reduction in policy rates. Since March 2020, the Reserve Bank has reduced the repo rate from 2 per cent to 4 per cent. However, despite this the demand for loan is less than 6 percent. Last month, SBI increased the interest rate and again reduced it.

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