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State Bank of India (SBI) on Wednesday reduced home loan rates by up to 25 basis points (bps), to 6.9% for loans up to 30 lakh, and 7% for those above 30 lakh.

“In an extension of its festive offers announced recently, SBI offers a credit score-based concession of up to 20 bps from 10 bps earlier, for a home loan of above 30 lakh to 2 crore across India. “An additional 5 bps concession for all home loans is given if applied through YONO," SBI said in a press statement.

SBI has announced a slew of offers for retail customers with 100% processing fee waiver on car, gold and personal loans. The bank now charges 7.5% on car loans and gold loans, and 9.6% for personal loans.

“This move will encourage home buyers to plan their dream house. With the nation all geared up for the post-covid era, we are seeing increased customer demands, and we will continue to offer benefits suiting needs of customers," said C.S. Shetty, managing director, retail and digital banking, SBI.

Private sector lender Axis Bank is also offering a lower rate of 6.9% on home loans and 7.99% on auto loans this festive season. Bank of India levies 6.85% for loans up to 50 lakh and Central Bank of India has a similar rate for loans up to 75 lakh.

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