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State Bank of India (SBI) and Bank of Baroda (BoB) have slashed rates by 25-45 bps, and introduced key changes. For new home loans of Rs 75 lakh and above, SBI will charge 6.7 per cent as against the previous 7.15 per cent. The country’s largest lender will also offer credit score-linked home loans at 6.7 per cent, irrespective of the loan amount.
Besides, SBI has also done away with the distinction between salaried and non-salaried borrowers — there will be no occupation-linked interest premium charged for prospective home loan borrowers. Earlier, the rate of interest applicable for a non-salaried borrower was 15 bps higher than a salaried borrower.
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Meanwhile, BoB said it will offer a waiver of 25 basis points on the existing rates for home and car loans, along with a waiver of processing fee in home loans. Now, the bank’s home and car loan rates will start from 6.75 per cent and 8 per cent, respectively.
Last week, Kotak Mahindra Bank reduced its home loan rates by 15 bps to 6.5 per cent, making it one of the lowest rates in the country in over a decade.
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