KOLKATA: State Bank of India (SBI) today announced interest rate cut by 25 basis points (bps) to 8.35 per cent from 8.60 pc in home lone per year upto Rs 30 lakh for new borrowers under Prime Minister vision affordable home for all by 2022.
SBI’s Kolkata circle chief general manager Partha Pratim Sengupta told reporters that this was the lowest rate in the existing market offering by India’s largest bank and effective from May 9,2017.
“The effective interest rate for all eligible salaried customers will be 8.35 pc per year for loans upto Rs 30 lakh for all women borrowers and 8.40 pc for others,” Mr Sengupta said.
The interest rates for borrowers availing home loan above Rs 30 lakh have also been reduced by 10 basis points. Besides SBI was also offering for construction finance to be builders for affordable housing projects by giving a concession of 0.35 per cent on interest rates on their otherwise eligible rates.
“The SBI tied up with CREDAI, India,in this regards as this will give a dual push both for construction finance and also for home finance for affordable homes,” Mr Sengupta announced.
Initially, the SBI has set a target to provide loans on reduced rate to 1500 borrowers, but this figure can go higher if demands were created. “Last year we had disbursed Rs 3125 crore in home loans and had grown by Rs 1841 crore. SBI has about 30 pc market share in West Bengal.”
“This year we are targeting a growth of Rs 2000 crore in housing loan and a further Rs 300 ccrore in allied housing loan products,” the SBI chief in Kolkata circle said. (AGENCIES)
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