State Bank of Hyderabad has reduced its base rate by 15 bps points from 10.20 per cent to 10.05 per cent with effect from May 1.
The decision was taken at the meeting of the Asset Liability Management Committee of the Bank which met on April 29. It provided the much anticipated relief to borrowers having floating rate advances linked to the base rate.
The reduction in Base Rate would be applicable to all the existing as well as new loans with pricing linked to Base Rate.
Consequently the bank also announced reduction in interest rate of housing loans with effect from May 4.
Housing Loans up to 75 lakhs priced at 5 basis points above base rate, effective rate 10.10 per cent and new housing loans above 75 lakhs priced at 10 basis points above base rate, effective rate 10.15 per cent against 10.25 per cent charged earlier.