Banks cut affordable home loan rates: All you need to know

New Delhi : Major big banks including ICICI Bank and State Bank of India have slashed home loan interest rates by up to 30 basis points. Special extra discount has been announced for the salaried women. Check detailed report below:

ICICI Bank reduces home loan rates by 30 bps

Private sector lender ICICI Bank on Monday said that it has reduced interest rates by up to 30 basis points (bps) for home loans of up to Rs 30 lakh.

"With this reduction, salaried borrowers can avail home loans at among the lowest rates in the industry. Salaried women borrowers will get home loans at 8.35 per cent and others at 8.40 per cent," the private sector lender said in a statement. 

SBI cuts home loan rates by 25 bps

The country's largest home loan provider State Bank of India (SBI) has announced reduction in the home loan rates by 25 basis points (bps) from 8.60 per cent to 8.35 per cent per annum, which will come into effect from Tuesday (May 9).

"The largest home loan provider in India has taken a giant leap to give a fillip to the affordable housing. SBI has announced rate cut by 25 basis points to 8.35 per cent per annum. With this reduction, SBI's offering is the lowest in the market," the public lender said here in a statement on Monday (May 8).