SBI cuts home loan interest rates by 25 bps for loan upto Rs 30 lakh

India's biggest bank, the State Bank of India (SBI), has cut interest rates on home loans.

For low-cost home loans (loans under Rs 30 lakh) the rates have been cut by 25 basis points to 8.35 per cent. For loans above Rs 30 lakh, SBI has cut interest rates by 10 basist points.

Last month, SBI reduced its base rate to 9.10 per cent effective compared to 9.25 per cent earlier. In January, SBI cut its marginal cost of funds-based lending rate (MCLR) across all tenors by 90 basis points, the steepest cut in several years.