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SBI may lower housing loan, retail loan rates by mid-September

SBI may lower housing loan, retail loan rates by mid-September for both fixed and floating rate loans

Apnaloan.com Research Bureau

05 Sep 2007

State Bank of India (SBI) may revise apnapaisa.com/loan/home-loan-india/rates.html" id="dleo" style="font-weight: bold;" target="_blank" title="\"Click" here="" to="" get="" the="" best="" loan="" rates="" in="" india\="">interest rates on home loans and other retail loans by mid-September, with the beginning of the festive season.

The SBI banks in Maharashtra and Goa circle are already offering home and auto loans for new borrowers at 50 basis points lower than the effective rates.  
SBI offers floating rate home loans at an interest rate of 10.75 to 11.25 per cent. For a fixed rate housing loan for up to 10 years, the interest rates are 12.75 per cent.

As part of the promotional offer in Maharashtra, the bank has also waived half of the processing fee. It is offering a higher loan to value ratio for new home loan borrowers. The housing finance seekers can get loans higher than the normal 80-85 per cent of the property cost.