State Bank of India (SBI), the country's largest lender, has revised its home loan rate to 6.95 percent with effect from April 1. With the revision, the lowest rate of 6.70  percent regime for a limited period ended in March 31.

The lender had in March announced a special offer on home loan. The bank was offering home loans at interest rate starting from 6.70  percent. The offer was valid till March 31.

The bank has now increased the interest rate for home loans by 25 basis points. The new rate (minimum) now stands at 6.95  percent. The bank will also levy a consolidated processing fee on home loans. This will be 0.40  percent of the loan amount and GST.

During the limited period, the bank offered home loan starting from 6.70  percent for loans up to Rs 75 lakh and 6.75  percent for loans in the range of Rs 75 lakh-Rs 5 crore.

The hike in minimum home loan rate by SBI is likely to prompt other lenders to follow suit.

State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in India. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore.

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