Mumbai: India's largest lender, State Bank of India, has slashed home loan rate by up to 0.15 per cent on housing loan, to offer uniform interest rate on home loans. The move is likely to be followed by other lenders.
“It has now been decided to offer uniform interest rate on home loans with effect from August 26, 2014, irrespective of the loan amount,” said SBI in a statement.
In the revised rates, SBI will offer home loans at 10.10 per cent (from earlier 10.15 per cent) for loans up to Rs 75 lakh and 10.15 per cent (from earlier 10.30 per cent) for loans above Rs 75 lakh.
SBI's base rate is at 10 per cent.
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