SBI, the country's largest lender, on Monday cut its lending rates linked to the central bank's repo rate by 25 basis points (bps) to 7.8%, lowering borrowing costs for small businesses and homebuyers. The new rate, SBI said, will be applicable from 1 January. "New homebuyers will get loans at an interest rate starting from 7.90%. (previously at 8.15%)," SBI said in a statement.