Thiruvananthapuram: State Bank of India (SBI), the country's largest lender by assets, has reduced its interest rate by 10 basis points or 0.10 percent on home loans of up to Rs. 30 lakh, a move which is likely to provide some respite to home loan borrowers.
The revised rates on home loans or housing loans are applicable from Wednesday, April 10, according to a statement from the bank.
SBI's reduction in home loans rate comes nearly a week after the Reserve Bank of India (RBI) cut the repo rate by 25 basis points from 6.25 percent to 6 percent. Repo rate is the interest rate at which the central bank lends money to commercial banks such as SBI.