The State Bank of India (SBI) announced an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March 31, 2021. According to an SBI press release, the lender is also giving 100% waiver on processing fees.
“The interest concession are based on 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. C S Setty, MD (Retail & Digital Banking) said, “SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market.
The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too”. SBI home loan interest rates start from 6.70% for loans up to Rs. 30 lakh and 6.95% for loans above Rs. 30 lakh and up to 75 lakh.
The big-ticket loans above Rs. 75 lakh would get home loans at 7.05%, the bank said in a statement. SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It also claims to be the largest mortgage lender in the country.