Extending its festivity offers, the country's leading state-run lender State Bank of India (SBI) today announced home loan interest rate concession of up to 25 bps. As per the press release issued on October 21, 2020, the bank would offer its home loan customers an interest rate concession of 25 bps on buying home valued at over Rs. 75 lakh based on their CIBIL score and in a case when the home loan application is made via the bank's Yono app.
Earlier last month, the bank as part of its festive offering announced a 100 percent waiver on processing fee for all customers applying for car, personal and gold loans via its Yono app.
"In an extension of its festive offers announced recently, SBI offers a credit score based concessions of up to 20 bps from 10 bps earlier, for a home loan of above Rs 30 lakhs to Rs 2 crores across India. The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crores in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO," said the release.
Here's what SBI offers its home loan customers:
• Interest rate concession of up to 20 bps for loan ticket size of more than Rs. 75 lakh based on credit score.
• For loans valued above Rs. 30 lakh to Rs. 75 lakh, customers based on credit score would get concession of up to 10 bps.
• On making loan application via Yono, the customer shall be eligible for additional discount of 5 bps. 1 basis point is one-hundredth of a percentage point.
• Women home loan customers would get additional rebate of 5 bps.
For home loans up to Rs. 30 lakh, SBI offers interest rate as low as 6.9 percent while for loans above Rs. 30 lakh the starting interest rate is 7 percent.