For borrowers, the new year definitely started on a high note. Flushed with funds after demonetisation, banks have started reducing their lending rates. Punjab National Bank, the Union Bank of India and the State Bank of India (SBI) has already announced a cut in their benchmark lending rates.
Consequently, SBI has reduced its home loan rates by 50 basis points (bps) for loans up to Rs 75 lakh.
The bank now offers home loans at 8.65 per cent instead of 9.15 per cent for all borrowers except women who have an additional relief of 5 bps.
New borrowers will see
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