One day after the Reserve Bank of India (RBI) reduced a key loan rate, the State Bank of India (SBI) decided to reduce the interest rates on all mortgage loans to Rs. 30 lakh.
Rajnish Kumar, president of SBI, said: “As the largest lender in the country, we have always kept the interests of customers at the center.
“OSE has the largest market share in the mortgage loan market and it is only appropriate that we empower the large middle and lower class segment by transmitting the rate cut announced by the RBI.”
In a surprise move on Thursday, the RBI not only reduced its key loan rate by 25 basis points (bps) to 6.25 percent, but also accommodated itself, shifting its monetary policy stance from “calibrated adjustment” to ” neutral”.