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SBI cuts housing loan rates

MUMBAI NOV. 7. Housing loans will be more cheaper with State Bank of India reducing interest rates by 25 basis points across all tenures. This comes in the wake of SBI lowering its prime lending rate, medium term lending rate and short term advance rate by 0.25 per cent with effect from this month. SBI sources told PTI that the new floating rate for a loan of up to five years would be 9.25 per cent against 9.5 per cent earlier.

This was the third reduction by the bank in the last four months. Loans with tenure of five to less than ten years and 10-20 years would be charged an interest of 9.75 per cent (10 per cent) and 10.25 per cent (10.50 per cent) respectively, sources said. — PTI

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