New Delhi: Country's largest bank SBI on Thursday cut home loan rates by up to 0.4 percent for new borrowers, a day after RBI kept its key policy rates on hold.

Women borrowers would get an additional 0.05 percent concession on card rates.

SBI home loans will now be available under two slabs-- under 75 lakh and above 75 lakh.

Loans of up to 75 lakh would be available to fresh borrowers at 10.15 percent against the existing rate of 10.50 percent. For women borrowers, the rate of interest after an additional concession of 0.05 percent would be 10.10 percent for home loans of up to 75 lakh.

The new rates would be effective from tomorrow, State Bank of India (SBI) said in a statement.

With regard to loans of above 75 lakh, the new rate would be 10.30 percent. For women borrowers it is 10.25 percent.

The revised EMI per lakh for a loan tenure of 30 years will be Rs 885 (for women) and 889 (for others).

The prevailing EMI for 1 lakh is Rs 900 for 30 years, it said.

The Reserve Bank of India (RBI) in its monetary policy review yesterday kept short-term lending rate unchanged at 7.75 per cent, while the cash reserve ratio (CRR) remained at 4 percent.

In October, SBI had reduced interest rates on loans for car and consumer durables and also decided to lower processing charges to cash in on the festival season demand.