GET Stock QuotesNews18 APP
News18 English
Powered by cricketnext logo
»
1-min read

SBI Makes Home Loans Under Rs 30 Lakh Cheaper, Lowest in Market Now

India's largest lender SBI on Monday announced a steep reduction of 25 basis points in affordable housing loans to 8.35 per cent for new borrowers.

News18.com

Updated:May 8, 2017, 3:36 PM IST
facebookTwittergoogleskypewhatsapp
SBI Makes Home Loans Under Rs 30 Lakh Cheaper, Lowest in Market Now
File image (Photo: Reuters)

Mumbai: The State Bank of India (SBI) on Monday announced a steep reduction of 25 basis points in affordable housing loans to 8.35 per cent for new borrowers. Loans under Rs 30 lakh qualify for affordable housing.

With this reduction, SBI's offering is the lowest in the market. The new rate will be effective from May 9, 2017, moneycontrol.com reported.

"This a huge saving for the borrower as the 25 bps reduction translates into a saving of Rs 530 per month on EMIs," SBI Managing Director for national banking, Rajnish Kumar, told PTI.

"This is giant leap to give a fillip to the affordable housing segment keeping the Prime Minister's vision of providing 'housing for all' by 2022," Kumar said, adding that the lender now offers the lowest rates in the industry. With a home loan book of Rs 2.23 trillion, SBI leads the segment with 25-26 per cent market share, Kumar said further.

However, he is of the view that the new offer may not push up its market share significantly as 45 per cent of its Rs 2.23 trillion home loan book is under Rs 30 lakh bracket.

(With PTI inputs)

Also Watch

Read full article
Most Active
Company Price Change %Gain
Reliance 920.80 +4.95 +0.54
Vedanta 251.80 +1.20 +0.48
TCS 3,585.80 -17.90 -0.50
United Spirits 3,250.30 +131.15 +4.20
SBI 266.95 -1.55 -0.58
Company Price Change %Gain
HDFC 1,820.00 +13.95 +0.77
Just Dial 507.40 +42.55 +9.15
Avenue Supermar 1,497.45 +93.25 +6.64
PC Jeweller 192.45 +4.40 +2.34
United Spirits 3,251.00 +128.95 +4.13
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 1,172.10 +60.30 +5.42
Hindalco 245.50 +11.40 +4.87
IOC 163.45 +7.55 +4.84
ONGC 175.45 +7.75 +4.62
HPCL 295.20 +11.95 +4.22
Company Price Change %Gain
ONGC 175.35 +7.70 +4.59
Tata Steel 567.20 +18.80 +3.43
Yes Bank 339.45 +8.95 +2.71
Adani Ports 379.90 +8.70 +2.34
IndusInd Bank 1,914.75 +43.55 +2.33
Top Losers
Company Price Change %Gain
Coal India 275.60 -4.50 -1.61
Tech Mahindra 702.75 -8.60 -1.21
Bharti Infratel 314.85 -3.50 -1.10
ITC 272.30 -2.55 -0.93
ICICI Bank 295.65 -2.05 -0.69
Company Price Change %Gain
Coal India 276.05 -3.80 -1.36
ITC 271.95 -2.85 -1.04
SBI 267.00 -1.50 -0.56
TCS 3,589.45 -15.35 -0.43
ICICI Bank 296.50 -0.75 -0.25