The State Bank of India has cut home loan rates to a 9.1% -the lowest in six years -as part of a festive scheme and its aggressive cut in home loan rates comes at a time when the banking sector is seeing an extremely sluggish growth in loans.
The interest rate cut comes on the back of a general interest rate reduction last week when SBI reduced its benchmark rates by 15 basis points (bps, 100bps = 1percentage point).
In addition to rate reduction, the bank has waived off all processing fees, in some cases.