The country's largest lender, State Bank of India today announced an interest rate cut of upto 25 basis points for affordable housing loans. The new rates will be effective from tomorrow. Under a new government scheme, loans under 30 lakh rupees qualify as affordable housing. For male borrowers, this limited period offer is valid till July 31, and the rate reduction for salaried males is by 20 basis points, to 8.4 per cent, while for non-salaried males the cut is 15 basis points, reports PTI.The new rate reduction for salaried women borrowers is by 0.25 per cent, to 8.35 per cent, while for non-salaried women it is a 20 basis points rate cut. One percentage point is 100 basis points. A 25 basis points rate cut implies a saving of 530 rupees per month on EMIs.