Stock advisory Company, SBI cuts loan rates on affordable housing

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State Bank of India (SBI) reduced its interest rate by 25 basis points (bps) on home loans up to Rs 30 lakh, to 8.35 percent, from Tuesday for new women borrowers. For male borrowers, the cut is by 20 bps, to 8.4 per cent.

With around 26 percent market share, the nation's largest lender is also the biggest in the home loan segment (their loan book here is Rs 2.23 lakh crore).

And, even at the earlier rates, SBI offered the lowest. Housing Development Finance Corporation, second largest in the space, offers loans at 8.65 per cent to women for loans up to Rs 75 lakh and 8.7 per cent for others. So does ICICI Bank, the largest private lender.

The interest rates for customers availing a home loan above Rs 30 lakh have also been reduced by 10 bps. Over and above the rate benefit, an eligible customer may also avail of an interest subsidy of Rs 2.67 lakh under the Pradhan Mantri Awas Yojana.