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MoneyShakti News
December 21, 2008
SBI to give Home Loans for only 9%
SBI anounced,on Saturday, cuts in Prime Lending Rate(PLR) by .75%.
This means that even existing customers who have borrowed at floating rates will be be benefitted.
At reduced rates effective January 1,2009 loans of upto 30 lakhs for tenures between 15 and 25 years will be available at 9.5%, loans of Rs. 30 lakhs to Rs. 75 lakhs at 10.75% and beyond 75 lakhs at 11%.
This will lead to rate cuts by other home loan providers also.LIC Housing Finance has already anounced rate cuts of 0.75 -2.25 percentage point for home loans upto Rs 20 lakhs effective December 17,2008.HDFC has also cut home loan rates by 50 basis points for all its floating rate customers.Also, for new customers for loans upto 20 lakhs HDFC will now charge 10.25% only.
