SBI cuts interest rate by 5 bps on home loans

Source: The Hitavada      Date: 09 Feb 2019 09:11:42




WITHIN a day of RBI reducing repo rate by 25 basis points, the country’s largest lender State Bank of India on Friday announced a cut in interest rates by 5 basis points on its home loans up to Rs 30 lakh.

In it sixth bi-monthly monetary policy review announced on Thursday, RBI had cut the repo rate by 25 basis points to 6.25 per cent.

“On the back of the monetary policy announced by the RBI, we have taken the lead to cut interest rates on home loans up to Rs 30 lakh,” the bank’s Chairman, Rajnish Kumar, said in a statement.

The new rates are effective from Friday. Within hours of the RBI move, Bank of Maharashtra had announced a 0.05 pc cut in its MCLR for sixth-month loan tenor.