The State Bank of India has reduced lower range of home loan interest rate to 6.70 per cent from 6.95 per cent. The SBI press statement released on Saturday said the SBI home loan interest rate will now begin from 6.70 per cent on fresh home loans up to Rs. 30 lakh. For SBI home loan above Rs. 30 lakh and up to Rs.75 lakh, the starting SBI home loan interest rate will be 6.95 per cent. For a home loan above Rs. 75 lakh, SBI home loan interest rate will start from 7.05 per cent. The largest Indian commercial bank has also announced an additional 0.05 per cent home loan interest rate rebate to female customers. After reduction in starting SBI home loan from 6.95 per cent to 6.70 per cent, fresh SBI home loan borrower’s monthly EMI will go down by Rs. 417 per month if the fresh loan is Rs.30 lakh for the period of 15 years. So, over the 15 years period, a fresh SBI home loan borrower will be able to save Rs. 75,060. However, in the case of female home loan borrower, there will be an additional 0.05 per cent SBI home loan interest rate rebate.
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