The Hindu Business Line : SBH raises fixed housing loan rates by 25 bps

CLOSE on the heels of State Bank of India (SBI) hiking the interest rate on housing finance, its associate bank, State Bank of Hyderabad (SBH) has decided to increase the fixed interest rates on housing loans by 25 basis points across the board.

In a press release here on Tuesday, SBH said the fresh interest rates would come into effect from September 1. The new rates would be uniform for any amount of loan, the bank said.

In terms of the revised rates, the interest rate on loans of up to five years would go up to 7.75 per cent from the existing level of 7.5 per cent, on above five to 15 years tenure to 8.5 per cent (8.25 per cent) and on loans of above 15 years to 20 years tenure to 8.75 per cent from the current rate of 8.5 per cent, the bank said.

Stating that no processing fees would be collected from the housing loan borrowers, the bank said it offered, under its tie-up arrangement with SBI Life Insurance, home loan insurance to its customers at competitive rates.

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