BrixResearch Moderator says: India's largest commercial bank, the State Bank of India (SBI), has lowered its home loan rates to 8 per cent for new customers over the coming year. The new rate will be offered between Feb 2 and April 30, 2009. SBI will only levy 8 per cent in the first year, irrespective of the loan amount and tenure. Thereafter the customers will need to pay the earlier contracted rates, as applicable. This move will prompt other banks to follow the suit.
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