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News & Views on Indian Real Estate

Thursday, July 10, 2008

SBI hikes Interest Rates on Home Loans

Home loans from public sector State Bank of India would be dearer as the lender has decided to hike interest rates by 50 basis points on all credit linked to prime lending rates. SBI had earlier announced to hike interest rate on fixed deposit rates by up to 75 basis points effective from June 30.State Bank of India in which government has about 60 per cent stake is targeting 40 per cent growth in non-interest income in 2008-09, compared to 28 per cent last fiscal. The bank had lowered its PLR twice in February to 12.25 per cent but decided to raise by 50 basis points last week. The net profit of the bank is likely to be affected next quarter though there is not much on first quarter profits. The bank is expected to set aside at least 10 billion dollars (232.8 million) to provide for depreciation in its treasury portfolio as interest rate rise.

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