Home >Companies >News >Festival Bonanza: SBI announces up to 25 bps concession on home loan rates

MUMBAI: State Bank of India on Wednesday announced up to 25 basis points concession on home loan rates as part of its festival offers for customers. With this, the bank’s interest rate on home loans up to 30 lakh stands reduced to 6.9% and for those above 30 lakh to 7%.

"In an extension of its festive offers announced recently, SBI offers a credit score based concessions of up to 20 bps from 10 bps earlier, for a home loan of above Rs. 30 lakhs to Rs. 2 crores across India," the country's largest lender said in a release. "An additional 5 bps concession for all home loans is given if applied through YONO," it added.

SBI has announced a slew of offers for its retail customers, with zero processing fee on car, gold and personal loans. The interest rate on a car loan stands at 7.5% and that on gold and personal loan at 7.5% and 9.6% respectively.

“With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house. With the nation all geared up to the post-Covid era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers," said CS Shetty, managing director, retail and digital banking, SBI.

Besides SBI, private sector lender Axis Bank is offering an interest rate of 6.9% on its home loans and 7.99% on auto loans as part of the festival season offer.

There are other banks which offer lower rates on home loans at 6.85%. This includes Bank of India which offers 6.85% on loans up to 50 lakh and Central Bank of India which offers a similar rate for loans up to 75 lakh.

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