SBI rationalises home loan interest rates, slabs

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Chennai, Aug 27  The State Bank of India (SBI) rationalised its home loan slabs from two to one and brought in one uniform interest rate, the bank said.

The bank offers home loans under two categories – for women and for others.

Earlier, the home loans were offered under two slabs – less that Rs.75 lakh (interest rate: women 10.10 percent and others 10.15 percent) and above Rs.75 lakh (women 10.25 percent and others 10.30 percent).

Now the bank has scrapped the ‘above Rs.75 lakh’ category.

The rate of interest for women now is 10.10 percent and for others it is 10.15 percent. The rates are effective Tuesday.

With the major lender deciding on rationalising the home loan slabs and the interest rates, other banks are also expected to follow suit.

According to officials of real estate industry, the residential segment is seeing an uptrend in cities like Chennai, Bangalore, Pune, Mumbai, Hyderabad and those in the National Capital Region (NCR).