SBI cuts interest rate by 5bps on some home loans

MUMBAI: Within a day of RBI reducing repo rate by 25 basis points (bps), the country’s largest lender State Bank of India on Friday announced a cut in interest rates by 5 bps on its home loans up to ₹30 lakh. “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 ₹30 lakh,” the bank’s chairman, Rajnish Kumar, said in a statement. The new rates are effective from Friday. He said the bank has the highest market share of the home loans market and it is appropriate to empower the large lower and middle class segment by transmitting the rate cut announced by the RBI. He said the bank has the highest market share of the home loans market and it is appropriate to empower the large lower and middle class segment by transmitting the rate cut announced by the RBI.