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Home loans to get cheaper: SBI, HDFC, ICICI Bank, Axis Bank slash rates

For self-employed, rates for home loan up to Rs 30 lakh have been revised to 8.40 per cent

IANS 

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Home loans to get cheaper. SBI, HDFC, ICICI Bank, Axis Bank and Indiabulls slash rates. Photo: Shutterstock

Following other prominent banks, the country's third largest private sector lender on Thursday announced 30 basis points (bps) reduction in its to promote affordable housing

"Taking forward its commitment towards affordable housing finance, the has revised its rates for home loans up to Rs 30 lakh for the salaried segment to 8.35 per cent, the lowest in the industry," the said in a statement here.

For self-employed, rates for up to Rs 30 lakh have been revised to 8.40 per cent.

The revised rates will be available with effect from May 16.

Executive Director Rajiv Anand said, "There is a large, genuine and mostly unmet need for affordable housing and the government's thrust and commitment towards this is noteworthy. The has been at the forefront of fostering an ecosystem for credit delivery to this segment and believes that the current downward revision in its rates will help more people realise their dream of buying a home."

Private sector lender ICICI on May 15 reduced its by up to 30 bps for home loans of up to Rs 30 lakh.

HDFC reduced its rates for women borrowers to 8.35 per cent and others to 8.40 per cent for home loans of up to Rs 30 lakh.

HDFC said that for rates for home loans between Rs 30 and Rs 75 lakh has been fixed to 8.50 per cent and above Rs 75 lakh to 8.55 per cent.

On May 8, the country's largest provider State of India (SBI) announced a reduction in the rates by 25 bps from 8.60 per cent to 8.35 per cent per annum.

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