New Delhi: If you are planning to take a loan to buy a house, then you can look forward to the new year. From January 1, the home loan rate (interest rate) of the country's largest bank State Bank of India (SBI) will be 7.90%. Though it has not been formally announced yet, in view of the reduction in the repo rate by the Reserve Bank of India (RBI) in October, the bank officials are fully expecting the home loan rate to come down in the new quarter.

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The new quarter or the fourth quarter of the current financial year will start from January 1, 2020. In October, the RBI announced a 25 basis point reduction in the repo rate. SBI revises its rate every quarter. SBI currently has a minimum home loan rate of 8.15%. According to officials, from January 1 this rate will be 7.90% after being revised. However, official said that currently, the borrowers will also get the benefit of this rate. An official has said that the rate of the customer who has just taken the loan will also be revised from January 1.

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SBI is currently exempting processing fees for home takers. Those who have taken home loan from other banks and now want to transfer their home loan to SBI, then they are being given a rebate of more than 50% in processing fees. New home takers are also getting a rebate of up to 50% in processing fees.

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