State Bank of India (SBI) to hold home loan rates.
The State Bank of India (SBI), country’s largest lender, will hold on to its home loan rates. “Home loan rates will remain as they are,” SBI Chairperson and Managing Director, Arundhati Bhattacharya said on the sidelines of the IIM Calcutta’s 49th convocation.
The RBI on April 1, 2014 kept policy rates unchanged but lowered the borrowing limit for the banks from the overnight facility. A lowering of borrowing limit is likely to translate into increase in cost of funds for the banks.
“Cost of funds will go up but we are not considering any hike in the home loan rates,” she said.
Some of the banks like the Indian Bank have increased base rates marginally a few days back.
For Women Borrowers (w.e.f. 20.12.2013)
|Loan Amount||Spread over the Base Rate
(Base Rate: 10%)
|Upto Rs. 75.00 lacs||10 bps above the Base Rate||10.10 % p.a.|
|Above Rs. 75.00 lacs||25 bps above the Base Rate||10.25% p.a.|
For other Borrowers ( w.e.f. 20.12.2013)
|Loan Amount||Spread over the Base Rate (Base Rate: 10%)||Effective Rate
|Upto Rs. 75.00 lacs||15 bps above the Base Rate||10.15 % p.a.|
|Above Rs. 75.00 lacs||30 bps above the Base Rate||10.30% p.a.|