SBI, HDFC lower home loan rates

SBI will offer home loans above Rs 75 lakh at 10.10% (10.30% earlie

 Lenders are going all-out to woo retail borrowers ahead of the festival season as corporate loan growth continues to remain sluggish and liquidity improves. The State Bank of India and HDFC have brought down home loan rates while others like Punjab National Bank have cut retail lending rates and waived processing charges.

In a bid to attract more big-ticket borrowers in metros, SBI and HDFC have cut rates on home loans above Rs 75 lakh on the back of improved liquidity. The move by two of the country's largest home loan providers will prompt other lenders review their interest rates, bankers said.

Following the rate revision, SBI will offer home loans above Rs 75 lakh at 10.10% (10.30% earlier) for female borrowers and 10.15% (10.25% earlier) for male borrowers. For loans below Rs 75 lakh, existing rate will continue. HDFC has also reduced interest rate on loans above Rs 75 lakh to 10.15% under its monsoon bonanza scheme, which is valid until the end of this month. Loans up to Rs 75 lakh were already being offered at 10.15% under a 'Winter Bonanza', which has been extended under the new scheme.