SBI announces up to 25 bps concession on home loan rates1 min read . Updated: 21 Oct 2020, 11:37 AM IST
- SBI has announced concession in home loan rates by as high as 25 basis points (bps) in order to offer home buyers an enhanced festive delight
- SBI now offers interest rates starting as low as 6.90% for a home loan of up to ₹30 lakh and 7% for above ₹30 lakh
State Bank of India (SBI) has announced concession in home loan rates by as high as 25 bps. With this, SBI home loan customers would get an interest concession of 25 bps for buying their dream homes of above ₹75 lakh based on CIBIL score and through Yono.
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 ₹30 lakh to ₹2 crore across India. The same concession would also be applicable for home loan customers for a loan amount of up to ₹3 crore in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO.
SBI now offers interest rates starting as low as 6.90% for a home loan of up to ₹30 lakh and 7% for above ₹30 lakh.
CS Setty, MD (Retail & Digital Banking), SBI said “We are pleased to announce additional concessions for our prospective home loan customers this festive season. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house."
The bank has already announced a slew of special offers for its retail customers with 100% processing fee waiver on car, gold, personal loans. Retail customers are availing the lowest interest rate starting from 7.5% on a car loan. Gold loan and personal loan customers are also enjoying the benefits of lowest interest rates of 7.5% and 9.6% respectively, this festive season. Customers can also avail of paperless pre-approved personal loans and Insta home top-up loans through Yono in a few clicks.
SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment.