The State Bank of India (SBI), country’s largest lender the first bank to launch special home loan scheme offering 8% interest rate, says no immediate change is likely in lending rates.
SBI chairman .P. Bhatt, who was on a visit in Jamshedpur, told the step taken by the bank in the home loan segment has benefited both the customers and real estate developers.
Bhatt said, “We reduced the home loan lending rates to 8 per cent per annum and as a result developers and customers started returning to the market. Other banks were also forced to follow our footsteps.”
He maintained that in market liquidity is in surplus but the credit growth has yet to pick up.
He added, “I don’t see any hike in lending rates of the bank in the next six months. There is enough money available in the market and banks are not facing any difficulties in providing credit to customers at this point of time”.
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