State Bank of Hyderabad (SBH) today extended the special interest rates for Home and car loans.
According to the bank, the interest rates for home loans will continue to be at 8.5 per cent for the first year and 9.25 per cent (floating) for the second and the third year for loan up to Rs 50 lakh.
From the fourth year onwards the rate is linked to base rate, which effectively works out to be 9.75 per cent for loans up to Rs 50 lakh and 10.75 per cent for loans above Rs 50 lakh at present.
The interest rates for car loans for new cars are 8.5 per cent fixed for the first year and 10.5 per cent (floating) for second and third years irrespective of loan amount.
From the fourth year onwards, the rate is linked to base rate which effectively works out to be 11.5 per cent for loans up to Rs 5 lakh and 11.25 per cent for above Rs 5 lakh.
SBH fixed its base rate at 7.75 per cent which came into effect from July 1.
