Wednesday, August 27, 2014

SBI and PNB cuts interest on Housing Loan


State Bank of India has cut interest rates on home loans to 10.15% for all loan brackets, with immediate effect. For women borrowers, the interest rate for all home loans will be a uniform 10.1%, India’s largest lender said in a statement. Prior to this change, SBI charged 10.15% for loans up to Rs.75 lakh and 10.3% for loans above Rs.75 lakh. For women borrowers, these rates were 10.1% and 10.25%, respectively.


PNB has alsor educed interest rates on home and auto loans with immediate effect as part of its festival offer. PNB is offering home loans up to Rs.2 crore at an interest rate of 10.25%, which is also the bank’s base rate. For home loans above Rs.2 crore, the interest rate being levied is 10.5%, PNB said in a statement. The bank has slashed the interest rate for two-wheeler loans by 150 basis points (bps) to 12.25%, while introducing a new category of borrowers with a high credit rating who will be offered a floating rate of 10.5% on car loans. A basis point is a hundredth of a percentage point.

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