SBI raises home loan rates for new borrowers

Despite the RBI’s repo rate cut to 5.5 per cent, aimed at easing borrowing costs, India’s largest mortgage lender, State Bank of India (SBI), has increased home loan rates by 25 basis points for new borrowers.

The bank raised the upper band of interest rates by 25 basis points.



SBI’s interest rates for home loans have increased from the earlier band of 7.50 per cent-8.45 per cent to a new band of 7.50 per cent-8.70 per cent. 

The new rates will particularly impact customers with low credit scores, as the maximum interest rate limit has been raised.