SBI to charge around 10% for home loans

One the sidelines of RBI rate reduce the State Bank of India has also cut down its lending rate by 40 basis points to 9.3% but it will not relax the pockets of home loan customers as they have to pay 0.7% above base rate i.e. nearly 10% for their loans.

• There is reduction in the home loan rate only by 20bp and with higher margins which reflects that on home loans above Rs. 1 crore customers will have to pay the same rate of interest.
• The new home loan is fixed at55% while women borrowers it would be charged at 9.50%.