The State Bank of India (SBI) announced further interest concession of up to 30 bps (1 bps = 0.01%) on home loans and 100% waiver on processing fees.
The largest bank in the country and a leader in home finance, SBI has been offering attractive concessions to the home buyers.
The lender has sweetened their past offers and now provides higher interest concession based on the loan amount, the creditworthiness of the borrowers and the location of the property. SBI said that it believes that it is important to offer better rates to customers displaying good repayment history and it has, therefore, linked its home loan interest rates to CIBIL score. Interest rates start from 6.80% for loans up to Rs 30 lakh and 6.95% for loans above Rs 30 lakhs.
Interest concessions of up to 30 basis points are also available in 8 metro cities for loans up to Rs 5 crore.
Customers can also apply from the ease of their home via SBI's YONO App or https://homeloans.sbi/ or www.sbiloansin59minutes.com and get additional interest concession of 5 basis points.
"We are pleased to improve our concessions to prospective home loan customers upto March'21. With SBI's lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence. With the nation all geared up to move ahead post pandemic, SBI would continue to support the home buyers and the Real Estate Sector. Further, our eligible existing home loan borrowers can also avail a paperless pre-approved Top-up home loan through the YONO App in just a few clicks. We wish the new year brings in happiness to our customers with new offerings," said CS Setty, MD (Retail & Digital Banking) of SBI.