A day after the Reserve Bank of India (RBI) reduced a key lending rate, the State Bank of India (SBI) decided to cut interest rates on all home loans up to Rs. 30 lakh.
Rajnish Kumar, Chairman, SBI, said: “As the nation’s largest lender, we have always kept customer interests at the centre.
“SBI has the highest market share of the home loans market and it is only appropriate that we empower the large lower and middle class segment by transmitting the rate cut announced by the RBI.”
In a surprise move on Thursday, the RBI not only lowered its key lending rate by 25 basis points (bps) to 6.25 per cent but also turned accommodative, changing its monetary policy stance from “calibrated tightening” to “neutral”.