If there is a better home loan interest rate, it makes sense to shift!

[Ravi Karandeekar]

SBI's existing borrowers can take advantage of the new rates only after paying a conversion fee, which is 1% of the outstanding loan.  

However, an existing borrower stands to benefit even after paying the 1% conversion fee, SBI deputy managing director P Pradeep Kumar said while announcing the new rates.  

"The Base Rate can be changed when there is a sharp drop in interest costs. In the current environment when inflation rate is high, it is difficult to reduce interest rate dramatically," he added.  Read More