India's largest bank State Bank of India on Saturday hiked the home loan rates for various tenures with effect from May 1.
The fixed rate element has gone up by 25 basis points or 0.25 per cent for loans, hence, the interest on loans for up to five years is raised to 9.50 per cent from 9.25 per cent, the bank informed the Bombay Stock Exchange.
Housing loans for a period above 5 years and up to 10 years will now attract an interest rate of 9.75 per cent per annum instead of 9.50 per cent.
The bank upwardly revised its State Bank Advance Rate by 50 basis points or half a percentage to 10.75 per cent per annum.
The floating rates linked to SBAR for loan period up to 5 years will be 2 per cent below SBAR with minimum 8.75 per cent instead of 1.5 per cent below SBAR with minimum 8.5 per cent per annum.
For loans above 5 years but less than 10 years, the interest rate will be 1.50 below SBAR with minimum 9.25 per cent instead of a minimum of 8.75 per cent.
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