State Bank of India (SBI) has lowered the interest rate on home loans. The Bank now offers an interest concession of up to 70 basis points (bps) with interest rates from 6.70% onwards. This is a limited-period offer ending March 31. The lender is also granting a 100% waiver on processing fees. The interest award is based on the loan amount and the borrower’s CIBIL score. SBI believes that it is important to offer better rates to customers who maintain a good payment history.
SBI, a leader in the home finance market, takes charge of building consumer confidence. Consumer affordability is greatly increased by current offerings as EMI will be lowered.
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Saloni Narayan, DMD (Retail Business), SBI said: “Our clients fully trust us due to our full transparency. The reduced interest rates are one of the best home loan rates anyone could want. “
SBI home loan interest rates are tied to the CIBIL score and start at 6.70% for loans up to ₹75 lakh and 6.75% for higher loans ₹75 lakh.
Clients can also apply from the comfort of their home through the YONO app for an additional 5 bps interest grant. On the eve of International Women’s Day, a special 5 bp concession will be made available to women borrowers.
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. The bank’s mortgage loan portfolio has passed the milestone of ₹5 million lakh rupees. As of December 31, 2020, the bank has a deposit base of more than ₹Rs 35 million lakh and advances of more than Rs. 26 lakh crore with a HOUSE ratio of approximately 45%. SBI has a market share of more than 34% in mortgage loans and around 33% in the auto loan segment.
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