State Bank of India: Now, Housing Loans at 9.95%

India's largest bank State Bank of India (SBI) cut its base rate by 0.05% to 9.70%, effective February 4, 2013 in a move that will make loans cheaper for all its customers.

Reserve Bank of India (RBI) had cut the policy rate and the cash reserve ratio (CRR) by 0.25% each. This is the first time since March 2011 that interest rates on SBI's home loans rates will fall below 10% that is 9.95%.

This will therefore now come down to 9.95%. The SBI bank has also cut the processing fees on housing loans by 50%. According to an SBI official the bank’s total housing loan portfolio stood at about Rs 1,13,000 crore as on December 31, 2012

EMI in Rs. 1 Lakh / Month

Period of Loan
(years)                    Up to Rs. 30 Lakhs
                                   at 9.95%                   Above Rs. 30 Lakhs
                                                                         at 10.10 % 

30                               Rs. 874                           Rs. 885
25                               Rs. 905                           Rs. 916
20                               Rs. 962                           Rs. 972
15                               Rs. 1,072                        Rs. 1,081 


No comments:

Post a Comment

Popular Posts

Blog Archive

Recent Posts

Featured Post

South Indian Bank kicks off to a Flying Start with a Solid Net Profit of Rs. 294 Cr. in Q1 of FY 25

 kicks off to a Flying Start with a Solid Net Profit of Rs. 294 Cr. in Q1 of FY 25* South Indian Bank had declared net profit of Rs. 294 Cr....