Home loan rates touch below 10%

After a series of recent rate cuts by the Reserve Bank of India on Cash Reserve Ratio (CRR) and Repo rates, most banks especially public sector banks have reduced the Interest rates on home loans for new as well as existing customers. State Bank of India is leading the rate cut by announcing home loans at 9.95% for amounts below 30 Lacs. The home loan rates dropped below 10% after many months. This is expected to give a fresh impetus to the real estate market.