Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
Associate PartnerAssociate Partner
  
LIVE TV DownloadNews18 App
News18 English
News18 » Business
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
facebookTwitterskypewhatsapp
SBI Makes Home Loans Under Rs 30 Lakh Cheaper, Lowest in Market Now
The State Bank of India, the country’s largest lender, alone accounted for nearly Rs 2.23 lakh crore of the total gross NPAs in 2018.

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)

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Ananya Chakraborty
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Infosys 650.60 1.10
Yes Bank 51.20 -1.16
RBL Bank 259.15 -9.69
Reliance 1,392.40 -1.54
Axis Bank 714.85 0.29
Company Price Change %Gain
Infosys 650.75 1.16
Yes Bank 51.25 -1.06
IRCTC 900.40 6.52
RBL Bank 259.25 -9.64
Indiabulls Hsg 206.20 -5.50
Top Gainers
Company Price Change %Gain
HCL Tech 1,095.15 2.88
Eicher Motors 20,521.20 2.71
Maruti Suzuki 7,440.25 2.54
SBI 275.45 1.83
Titan Company 1,348.65 1.44
Company Price Change %Gain
HCL Tech 1,095.65 2.93
Maruti Suzuki 7,439.50 2.55
SBI 275.50 1.87
Hero Motocorp 2,712.25 1.45
HDFC 2,144.50 1.35
Top Losers
Company Price Change %Gain
Adani Ports 396.10 -5.86
Bharti Airtel 360.35 -3.68
Zee Entertain 242.10 -3.33
Vedanta 146.25 -1.94
Grasim 743.15 -1.71
Company Price Change %Gain
Bharti Airtel 360.50 -3.66
Vedanta 146.10 -1.95
ONGC 141.95 -1.53
Reliance 1,392.85 -1.51
Yes Bank 51.25 -1.06

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results