SBI, Dena Bank cut rates on home loans by 25bps
State Bank of India (SBI) and Dena Bank have cut interest rates on home loans by 25 basis points (bps) for the upcoming festival season. Dena Bank has also cut car loan rates by 25bps. Dena Bank has also reduced the processing fees for home and auto loans by half for the festival season. The benefits will be effective from 1st October.
The SBI home loan campaign is on up to 31 December 2011. Under the scheme, a borrower will now be charged an interest of 10.5% against the earlier 10.75% on loans up to Rs30 lakh. Similarly, a loan above Rs30 lakh, but up to Rs75 lakh, will attract an interest of 10.75%, as per the new scheme.
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