Indian Public sector Bank State Bank Of India cut home loans interest rates to 9.1% per year.
Indian biggest public sector bank State bank of India reduces home loans interest rate by 15 basic points(1 percent points equal to 100 basis points).SBI offering 20 basic points reduction to woman customers.On festival s Diwali,Christmas and Sankranthi season SBI want to boost home loans business. SBI offering this home loan interest rate to costumer who got sanctioned and home loan disbursing in November ad December are eligible for this rate cut offer.
In Indian State bank of India is only public sector bank offering lowest home interest rates compared to other banks.This festival season SBI is giving 100% processing fee wave off to all customers .SBI bank facing tough challenge from from HDFC,ICICI bank in home loan business. HDFC & ICICI bank offering same period home loans at 9.3% per year.
State Bank Of India is very aggressive in home loan business to capture more business compared its competitors. SBI mainly reduced home loans interest rates to attract more number of customers on this festival days.Good time to take home loans to reduce financial expenditure.