BANGALORE: Good news along with best wishes for all the customers this festive season, as three of the country’s largest lenders State Bank of India, ICICI Bank and Punjab National Bank has reduced the rates at which they charge interest on home loans, reports Business Standard.

State Bank of India slashed home loan rate by up to 0.15 per cent on housing loan, a move likely to be followed by other lenders. Home loans of up to 75 lakh (7.5 million) would now be available to fresh borrowers at 10.10 per cent against the existing rate of 10.15 per cent, State Bank of India said in a statement.

Also the bank has removed the additional concession of 0.05 per cent given to women borrowers earlier and has brought in uniformity to all borrowers. To avail of this scheme, a woman has to be the sole applicant or the first of the co-applicants; and the sole or the first of the co-owners of a property.

ICICI Bank which is India’s largest private-sector lender has lifted the different interest rate slabs on its home loans. The bank recently started offering loans of up to 5 crore to salaried individuals on a flat interest rate of 10.15 per cent.