SBI slashes home loan rates by up to 0.4%

Country's largest bank State Bank of India ( SBI ) today cut home loan rates by up to 0.4 per cent for new borrowers, a day after RBI kept its key policy rates on hold.

Women borrowers would get an additional 0.05 per cent concession on card rates.
SBI home loans will now be available under two slabs--under Rs 75 lakh and above Rs 75 lakh.

Loans of up to Rs 75 lakh would be available to fresh borrowers at 10.15 per cent against the existing rate of 10.50 per cent. For women borrowers, the rate of interest after an
additional concession of 0.05 per cent would be 10.10 per cent for home loans of up to Rs 75 lakh.

The new rates would be effective from tomorrow, State Bank of India (SBI) said in a statement.

With regard to loans of above Rs 75 lakh, the new rate would be 10.30 per cent. For women borrowers it is 10.25 per cent.

The revised EMI per lakh for a loan tenure of 30 years will be Rs 885 (for women) and Rs  889 (for others). The prevailing EMI for Rs 1 lakh is Rs 900 for 30 years, it said. The Reserve Bank of India (RBI) in its monetary policy review yesterday kept short-term lending rate unchanged at 7.75 per cent, while the cash reserve ratio (CRR) remained
at 4 per cent.

In October, SBI had reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.

SBI stock price

On December 19, 2013, State Bank of India closed at Rs 1730.45, down Rs 34.45, or 1.95 percent. The 52-week high of the share was Rs 2550.00 and the 52-week low was Rs 1452.90.

The company's trailing 12-month (TTM) EPS was at Rs 179.98 per share as per the quarter ended September 2013. The stock's price-to-earnings (P/E) ratio was 9.61. The latest book value of the company is Rs 1445.60 per share. At current value, the price-to-book value of the company is 1.20.

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