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SBI offers lowest interest rates to women. Read here to know details

Public Sector Bank and India's largest lender, State Bank of India, is offering the lowest interest rate on home loans to women

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SBI offers lowest interest rates to women. Read here to know details
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With the continuous reduction in the repo rate by RBI in the last four months, the banks are expected to pass the benefit to common people. The repo rate is reportedly at a nine-year low of 5.75% and it is expected that the home loan will also become cheaper. This rate cut will surely provide advantage to women as banks offer low-interest rates for them. The banks offer different facilities and benefits to senior citizens on savings and deposits, similarly, it also offers benefits to female customers also on borrowings and savings. Hence in the case of home loans, the interest rates offered to women are much lower compared to men.

Public Sector Bank and India's largest lender, State Bank of India, is offering the lowest interest rate on home loans to women. 

As per SBI's website, a working women borrower will have to between 8.55% and 8.65% for a home loan up to Rs 30 lakh. However, for non-working women, the SBI offers higher interest rates between 8.70% and 8.80% on the home loan. 

For salaried men, home loan up to Rs 30 lakh, SBI offers an interest rate between 8.60% and 8.70% and non-working men, a home loan may vary between 8.75% and 8.85%.

Private lenders like HDFC also have different interest rates for men and women. For salaried women, HDFC bank charges somewhere between 8.60% and 9.10% and for non-salaried women, home loan interest rates differ from 8.75% to 9.25% 

Meanwhile, some banks offer a single interest rate for both men and women borrowers. 

One more interesting fact is that the SBI has linked home loans for women has linked to repo rate which will be effective from July 1. So every change in the repo rare will directly impact on SBI's home loan interest rates.

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