SBI cuts interest rate on Home loan

Sunday 10 February 2019 9:08 am IST

Mumbai: State Bank of India, the largest Bank in India, has cut home loan rates up to Rs.30 lakhs by 5 basis points with effect from Friday a day after the RBI reduced the key lending rates to 6.25 percent as against REPO rate of 6.50 per cent earlier.

 

This is the first time REPO rate comes down to 6.25 percent after August 2017. The Reserve Bank of India has instructed all scheduled commercial banks to reduce interest rate accordingly and a discussion about this would be effected in a meeting proposed to be conducted by RBI Governor Shaktikanta Das this month.