SBI Increases home loan rate to 10.25%State Bank of India, Leading bank of India has raised it deposit and lending rates which also include the home loan rates too 10.25%.
SBI has raised about 100 basis points. This move has come after the ICICI raised it home loan lending rates.
HDFC is also in plan to hike it lending rates in coming days.
What does this mean? Home loans will get more costlier and a person will need to pay more EMI that expected.
In the bad news, there is small good news, as SBI has also decided increase it interest rates on Fixed deposit From May 12, SBI will pay at the rate of 6.25%.