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Home Loan Rates: The Initial Interest Rates Have Been Returned, SBI

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Concerning assets, deposits, branches, customers, and employees, SBI is the largest commercial bank in India. It is also the country's largest mortgage lender. The bank's home loan portfolio has reached the Rs 5 lakh crore mark. In terms of home loans, SBI has a market share of over 34%. State Bank of India (SBI), the country's largest lender, has confirmed the recent increase in home loan interest rates. According to SBI, there will be no rise in home loan interest rates. According to the bank, the initial interest rates, which started at 6.95 percent, have been returned. The special concessions given to women borrowers, on the other hand, are still in place. SBI also said that "In the last few days, there have been news items reported in the press including media regarding hike in SBI Home Loans Interest Rates. In this regard we clarify that limited period special concessions offered during festive season have come to an end on 31 March 2021 and thereafter withdrawn."

 

Home Loan Rates: The Initial Interest Rates Have Been Returned, SBI

To focus on the festive spirit, SBI waived home loan processing fees until March 31. The bank issued home loans starting at 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans between Rs 75 lakh and Rs 5 crore for a limited period of time. Processing fees were also waived completely by the lender. HDFC Ltd, on the other hand, was running a special deal with a starting interest rate of 6.7 per cent. This deal was also set to end on March 31, 2021. The website of HDFC Ltd, on the other side, also shows a starting rate of 6.7 per cent. Others may fall into line and increase their interest rates as well. Punjab and Sind Bank with 6.65% interest rate, ICICI Bank with 6.70%, and Bank of Baroda with 6.75 interest are some other players with low starting loan rates at the moment.

Read more about: sbi
Story first published: Wednesday, April 7, 2021, 12:45 [IST]
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