SBI cuts home loan rates, woman borrowers to benefit more

India's biggest lender State Bank of India (SBI) on Thursday cut interest rates on home loans by 0.15 per cent to 0.35 per cent and introduced special home loan rates for women customers.

The move comes a day after the Reserve Bank of India kept its policy rates unchanged at its mid-quarter policy review.

For loans up to Rs 75 lakh, women customers will now be charged 10.10 per cent interest. This means they will pay an EMI of Rs 885 per lakh on a 30-year home loan. Others will pay Rs 889 per lakh in EMI.

Before today's revision the same loan cost Rs 900 per lakh.

The special rate is available only to women who are applicants (or first co-applicants) and also owners of the property.

For loans above Rs 75 lakh, women customers will pay interest of 10.25 per cent while others will pay 10.30 per cent.

The revised interest rates will be available from tomorrow, December 20, 2013.