New Delhi, Nov 2 : Country's largest lender, the State Bank of India (SBI) on Wednesday slashed, by 0.15 percent, interest rates for its home loans up to Rs 75 lakh effective from November 1.

On a home loan of Rs 50 lakh, reduction in lending rate will allow a home buyer to save Rs 542 per month and approximately Rs 2 lakh during the loan tenure of 30 years, the lender said.

"Value of the savings on EMI of Rs 542 per month, if invested in a recurring deposit, will be approximately Rs 6 lakh at the end of the loan tenure," the bank said.

The lender said the customer can also avail of processing fee waiver during festival times.