SBI reduces housing loan interest rates!
The premier public sector bank of the country, State Bank of India (SBI), has released information regarding the reduction in the interest rates for loans by 0.25%. This reduction would be effective from 1st January.
It may be noted that the Reserve Bank of India had been reducing the REPO rates on a regular basis. Subsequently, SBI has been following suit every time and has been announcing a reduction in interest rates.
As the next initiative in this process, SBI has now released the above announcement regarding the reduction in interest rates by 0.25%. This can be deemed to be a New Year Gift for its customers!
With this announcement, the interest rate for the loans taken by the public for the purchase of home/vehicles will come down by 0.25%. The details of the notification released by SBI:
�Interest for loans have been reduced from 8.05% to 7.80%.
Further, the customers who get housing loans fresh can obtain loans at 7.90% interest rate.�
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