New Delhi: India’s biggest moneylender SBI on Monday declared a precarious financing cost diminishment of up to 0.25 percent for moderate housing loans, offering 8.35 percent to new women borrowers.

Under the new govt scheme, loans under Rs 30 lakh meet all requirements for reasonable housing. For male borrowers, the restricted period offer is legitimate until July 31 and the lessening is 20 bps to 8.40%. The new rate decrease of 25% for women will be for the salaried borrowers and for the non-salaried, it will be 20 bps cut.

“This a huge saving for the borrower as the 25 bps reduction translates into a saving of Rs 530 per month on EMIs,” said SBI Managing Director for national banking, Rajnish Kumar.

The new rates will be effective tomorrow.

“This is a giant leap to give a fillip to the affordable housing segment keeping the Prime Minister’s vision of providing ‘housing for all’ by 2022,” Kumar said, adding that the lender now offers the lowest rates in the industry.

With a home loan book of Rs 2.23 trillion, SBI drives the portion with 25-26 for every percent of the overall industry, Kumar said to promote.

No matter, he is of the view that the new offer may not push up its piece of the pie essentially as 45 percent of its Rs 2.23 trillion home loan book is under Rs 30 lakh section.