SBI hikes home loan rate

State Bank of India (SBI), the largest bank in India has raised interest rates on home loans. Although the bank will continue with its 8% teaser rate for the first year, it has increased rates for the subsequent years, effective April 1. Till March 31, SBI had two schemes — The Easy Home Loan (up to Rs 50 lakh) and Advantage Home Loan (above Rs 50 lakh). ‘‘ From April 1, both the schemes have been merged and extended for a month,'' an SBI spokesperson confirmed to TOI. ‘‘ The rates applicable for new loans sourced from April 1 till April 30 are 8% for the first year, 9% for the second and third years and floating rate at 1.75% below SBAR (SBI's equivalent of prime lending rate, or PLR) thereafter ,'' the spokesperson added

Source : News Reports

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