State Bank of India (SBI) has reduced the interest rate on home loans. The Bank now offers interest concession of up to 70 basis points (bps )with interest rates starting from 6.70% onwards. This is a limited period offer ending on 31 March.
The lender is also giving a 100% waiver on processing fees. The interest concession is based on the loan amount and CIBIL score of the borrower. SBI believes that it is important to extend better rates to customers who maintain good repayment history.
SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced. Saloni Narayan, DMD (Retail Business), SBI said, “Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in Home Loans anyone can wish for.”
SBI home loan interest rates are linked to CIBIL score and start from 6.70% for loans up to ₹75 lakh and 6.75% for loans above ₹75 lakh. Customers can also apply from the ease of their home via the YONO app to get additional interest concession of 5 bps. On the eve of International Women’s day, a special 5 bps concession is being made available to the 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 home loan portfolio of the bank has crossed the milestone of ₹5 lakh crore.
As of 31 December 2020, the bank has a deposit base of over ₹35 lakh crore and advances of more than Rs. 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment.