State Bank Of India

State Bank of India (SBI), country’s largest public sector lender has removed 25 basis points (bps) interest mark up it used to charge retail customers taking a loan to buy a third or a fourth house. Through this initiative it aims to achieves corporate loan growth, which turned sluggish.

Bank’s current card rates on home loans are 10% that is 25 basis points above the base rate 9.75% for loans up to Rs 30 lakh and 10.15% (40 basis points above the base rate) for loans above Rs 30 lakh. A basis point is equal to one-hundredth of a per cent. Banks normally charge customers a premium if they take a loan to buy a house for the third time.