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SBI cuts home loan rates by 25 basis points; terms it as the 'lowest rate in the market'
Posted on: 08-05-2017 , 04:04:PM | DY365 Bureau

May 8, 2017- In a major development, the State Bank of India has announced a cut of 25 basis points in home loans for new borrowers.
The SBI has termed it as the ‘lowest rate in the market.’ Following the cut the home loan rate has come down to 8.35 percent from the existing 8.6 percent.  
The new rate will be effective on new home loans from May 9, 2017.
The effective interest rate for all customers will be 8.35 per cent for loans up to Rs. 30 lakh.
The eligible borrowers can also an avail an interest subsidy of Rs. 2.67 lakh under the Pradhan Mantri Awas Yojana scheme, SBI said. 

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