SBI cuts home loan interest rates

India's biggest bank, the State Bank of India (SBI), has cut interest rates on home loans.

For low-cost home loans (loans under Rs 30 lakh) the rates have been cut by 25 basis points to 8.35%. For loans above Rs 30 lakh, SBI has cut interest rates by 10



basist points.

Last month, SBI reduced its base rate to 9.10% effective compared to 9.25% earlier. In January, SBI cut its marginal cost of funds-based lending rate (MCLR) across all tenors by 90 basis points, the steepest cut in several years.