SBI reduces housing loan interest rates!
Posted on: 31/Dec/2019 11:42:00 AM
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.’
