Comments
State Bank of India, on Friday, announced a cut in interest rate on home loans up to ₹30 lakh by 5 basis points from 8.75 per cent to 8.70 per cent with immediate effect.
RBI rate cut
With this cut, India’s largest bank becomes the first lender to get off the block in paring home loan rates after the Reserve Bank of India cut the policy repo rate from 6.50 per cent to 6.25 per cent on February 7.
This move may prompt other lenders to follow suit.
Rajnish Kumar, Chairman, SBI, said: “SBI has the highest market share of the home loans market, and it is only appropriate that we empower the large lower and middle class segment by transmitting the rate cut announced by the RBI.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.