New Delhi: The country's largest lender State Bank of India (SBI) has increased the interest rate on housing loans to 6.95 percent. The new rates come into effect from April 1. With this amendment, the limited-term arrangement of a 6.70 percent lower interest rate has ended on 31 March.

Explain that SBI had offered a loan of up to Rs 75 lakh for a limited period at 6.70 percent interest. At the same time, the interest rate on housing loans of 75 lakh to five crore rupees was fixed at 6.75 percent. According to information put on the SBI website, the new 6.95 percent interest rate has come into effect from April 1. The new rates are 0.25 percent higher than the limited-term offer. It is noteworthy that after SBI has increased the minimum rates of home loans, other banks can also take similar steps.

SBI has also imposed integrated processing fees on housing loans. This will be 0.40 percent of the loan amount and in the form of Goods and Services Tax (GST). The processing fee will be a minimum of Rs 10,000 and a maximum of Rs 30,000 (and GST). Last month, SBI announced waiving the processing fee on the housing loan by 31 March.

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