SBI hikes minimum interest rate on home loans. Check details

State Bank of India's revised home loan interest rate on home loans is likely to prompt other lenders to follow suit soon. It is a sign that home loan interest rates will be hiked further. Here is all you need to know:

The country's largest public lender State Bank of India (SBI) recently hiked the minimum interest rate on home loans by 25 basis points (bps) from 6.70 per cent to 6.95 per cent. The hiked interest rate on SBI home loans came into effect from April 1, 2021. SBI's hiked interest rate on home loans is likely to prompt other lenders to follow suit soon. It is a sign that home loan interest rates will be hiked further. It may be noted that the public lender had lowered the minimum interest rate to 6.70 per cent from 6.80 per cent on March 1, 2021. However, it was a limited period offer for interested homebuyers.