NEW DELHI, Apr 13: Country’s biggest lender, State Bank of India has cut its home loan interest rate by up to 25 basis points at 9.90 per cent per annum for new borrowers. For women customers, the rate has been kept at 9.85 per cent per annum. The rates will be applicable for all new home loans sanctioned on or after April 13. Two days ago, HDFC Ltd, the country’s largest mortgage firm, reduced home loan rate by 0.2 per cent to 9.9 per cent for new as well as existing borrowers. The interest rate for SBI’s existing floating rate home loan borrowers has also been reduced to the extent of reduction in the bank’s base rate to 9.85 per cent effective April 10. After cutting the policy rate twice this year, the central bank kept it unchanged at 7.5 per cent in its monetary policy on April 7. The RBI had blamed banks for not passing the benefits of two repo rate cuts to borrowers and termed as “nonsense” the lenders’ claims that cost of fund was high. (UNI)
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