SBT cuts interest rates on home loans

Thiruvananthapuram: State Bank of Travancore (SBT) has announced reduction in interest rates on housing loans with effect from 1 March 2003.

The revision in rates (floating) is as follows. For loans with repayment period up to five years, the rate has been brought down to 8.5 per cent (9.5 per cent earlier) while that for periods above five year but not exceeding 10 years will be 9.25 per cent (10 per cent). Above 10 years, the revised rate will be 9.5 per cent (10.5 per cent).

The new scheme of rates (fixed) will be as follows. Loans with tenure of up to five years: 8.75 per cent (10 per cent); for periods above five years and up to 10 years: 9.5 per cent (10.5 per cent); for a tenure above 10 years: 9.75 per cent (11 per cent).