SBI hikes home loan rates by 50-75bps

State Bank of India (SBI) today revised its home loan rates by 50-75 basis points (bps) across maturities.

According to a release issued by the bank to the BSE today, the new rates would be w.e.f March 1, 2006.

The bank has increased fixed rate home loans by 50-75 bps. While rates for loans of up to five years have been increased to 9.25% from 8.50% per annum, loans for above five years and up to 15 years will now be charged 9.50% as against the earlier rate of 9%. "The bank will not offer any fixed rate loans for tenure exceeding 10 years," the release added.

"Existing floating rate loans of up to five years will now be offered at 1.75% below SBAR with a minimum of 8.50% as against the earlier level of 2.25% below SBAR or 8%. Loans of above 15 years and up to 20 years will now be charged at 1% below SBAR with a minimum of 9.25% as against the earlier level of 1.50% below SBAR or 8.75%," the release said.