Good news for people thinking of taking their home. The country's largest bank State Bank of India (SBI) has reduced the interest rates on home loans. SBI issued a release on Saturday and said that now the interest rate on the home loan of the bank is starting from 6.70 percent. The bank said that interest rates on loans up to Rs 30 lakh are starting at 6.70 percent.
SBI said that interest rates on home loans ranging from 30 lakh to 75 lakh rupees are starting from 6.95 percent. Apart from this, the bank is offering an interest rate of 7.05 percent for loans above Rs 75 lakh. The bank is also giving additional discounts on home loans to women. The bank said that it is providing a special rebate of 5 basis points (0.05 percent) to women borrowers.
The bank is also offering special discounts to Yono app users. SBI said that to enhance the customer experience through the YONO app, a discount of 0.05% is also being offered as a digital incentive from our home loan customers.
According to RBI data, there has been an increase of 4.9 percent in banking loan disbursements in March this year. In March last year, the pace was 6.8 percent. This month, food credit has come down from 24.4 percent to 18.3 percent, and credit to the service sector has come down from 7.4 percent to 1.4 percent.
The rate of growth in personal loans has come down from 15 percent to 14.2 percent this month. The pace of home loans has come down from 15.4 percent to 9.1 percent in the reporting period. However, loans to agriculture and allied sectors increased from 4.2 percent to 12.3 percent during the period under review. It is worth mentioning that in the months after March last year, the pace of loan disbursement came down very fast.