SBI home loans will now be available under two slabs-- under Rs 75 lakh and above Rs 75 lakh. SBI loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent.
Women borrowers would get an additional 0.05 percent concession on card rates, SBI, country's biggest lender, said in a statement.
SBI home loans will now be available under two slabs-- under Rs 75 lakh and above Rs 75 lakh . SBI loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent would be 10.10 percent for home loans of up to Rs 75 lakh.
With regard to loans of above Rs 75 lakh, the new rate would be 10.30 percent. For women borrowers it is 10.25 percent.
The new SBI rates would be effective from tomorrow. Country's largest housing finance company HDFC cut rates by 0.25 percent. "This is a limited period offer and is valid for all new applications submitted before January 31, and first disbursement taken by February 28, 2014," HDFC said in a statment.
The new rates for HDFC home loans of up to Rs 75 lakh will be 10.25 percent as against the existing 10.50 percent. The Reserve Bank of India (RBI) in its monetary policy review yesterday kept short-term lending rate unchanged at 7.75 percent, while the cash reserve ratio (CRR) remained at 4 percent.
In October, SBI had reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.
SBI stock price
On October 31, 2014, State Bank of India closed at Rs 2701.65, up Rs 63.50, or 2.41 percent. The 52-week high of the share was Rs 2833.85 and the 52-week low was Rs 1455.95.
The company's trailing 12-month (TTM) EPS was at Rs 147.33 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 18.34. The latest book value of the company is Rs 1584.34 per share. At current value, the price-to-book value of the company is 1.71.
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