Pay 0.57% Fee for Lowest Interest Rates from State Bank

Recently, SBI cut its Interest rates on home loans for New customer – 9.50% for women & 9.55% for other. The Bank has announced a one-time switchover fee of 0.57% for existing customers who have availed home loans on a floating rates basis to enjoy the lower interest rates of 9.50% – 9.55% If doesn’t pay the fee, will continue to be charged at the earlier interest rates of 9.70% – 9.75%. In other words existing customer with a loan amount of 20 lakh will have to pay Rs.11400/- as per fee if he wants to avail the lower interest rate.