bank loan country big bank state bank of india gives gift to public interest rate reduced

The repo rate of the Reserve Bank of India has been reduced by 0.50 per cent. After this cut, the home loan is becoming cheaper. State Bank of India, India's largest bank, has also cut the interest rate for home loans. State Bank of India has decided to reduce the interest rate by 0.50 per cent.

State Bank of India has made changes in its lending loan rate. Now these new rates will be applicable from 15 June 2025. After this deduction, all the loans of State Bank of India will be checked. Now the annual home loan interest rate of State Bank of India will start from 7.50 percent. The interest rate related to home loan Maxgain overdraft is between 7.75% to 8.70%. Apart from this, interest rates on top up home loans have been fixed between eight percent to 10.50 percent.

The Reserve Bank had recently reduced the repo rate by six per cent to 0.50 per cent. The bank has also started cutting the interest rate of fixed deposits and loans. Prior to State Bank of India, many banks including Union Bank of India, have cut interest rates. The interest rate deduction will benefit those whose loan is connected to the repo linked lending rate.

The benefit of this deduction of RBI will also be available to those who provide a new home loan selection from SBI. The interest rate for SBI's new home loan was eight percent till now. Now this rate will be reduced to 7.50 percent. Now the customers who have taken home loans at floating rate will also benefit from new changes. In such a situation, their EMI may be slightly reduced or the loan deadline may change.