SBI cuts home loans: How it will benefit a home buyer?

SBI has cut home loan rates to 9.10 percent, which is the lowest in six years


SBI ( State of Bank of India) in cheer to home buyers has cut down the rates of home loan. The bank has cut the rate by 0.15 percent, which is the lowest in last six years.

Notably the revised rates of loans are effective from N0vember 1st, 2016, for the loans upto 75 lakh.

For women borrowers, the bank has brought down the interest rate to 9.10 percent from 9.25 percent while for all the men borrowers the bank will offer 9.15 percent from 9.30 percent.

SBI
SBI

How will be the borrowers will be benefited?

The interest rate cut to its lowest in six years and according to new interest rates, on a home loan of 50 lakh of 30 years, one can safe Rs. 542 per month on EMIS.

Notably aggressive cut in home loans from the SBI has come at the time, when banking sector in India is seeing an extremely sluggish growth in loans.

According to reports, the motive behind this move of SBI is to grab market share from other lenders and its rivals by providing loans at lower rates.

sbi
Buy your own home, Representative Image

In a statement SBI said, its home loans are the cheapest in the market will provide an opportunity to new home buyers and as well as to all those who want to switch to SBI over their home loans to save on EMIs.

Though the Marginal cost of lending rate is revised every month but once the customer avails of a loan, he or she is locked into a MCLR for a year.

So what are you waiting for? It’s time to make your dream your come true because its simple and cheaper with SBI.

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