State Bank of India hikes home loan rate to 6.95%

NEW DELHI: With the revision, the lowest rate of 6.70% regime for limited period ended in March 31.

Country’s largest lender State Bank of India (SBI) has revised its home loan rate to 6.95% effective April 1.

With the revision, the lowest rate of 6.70% regime for limited period ended in March 31.

During the limited period, the bank offered home loan starting from 6.70% for loans up to ₹75 lakh and 6.75% for loans in the range of ₹75 lakh-₹5 crore.

As per information posted on its website, the new rate effective April 1 is 6.95%.

Compared to teaser rate for the limited period, the new rate is 25 basis points higher at 6.95%.

The hike in minimum home loan rate by SBI is likely to prompt other lenders to follow suit.

The bank will also levy a consolidated processing fee on home loans. This will be 0.40% of the loan amount and goods and services tax (GST) subject to a minimum of ₹10,000 and maximum of ₹30,000 plus GST.

Last month, SBI had in waived off home loan processing fees till March 31 to cash in on festive fervour. (AGENCY)