Home loans: State Bank of India reduces interest rate to 6.7%

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India’s largest bank State Bank of India (SBI) on March 1 said it is offering interest concession of up to 70 bps on home loans with interest rates starting from 6.70% onwards. The offer is valid until March 31, 2021.

If you have a decent credit score then this is for you, as the interest concession is based on the loan amount and CIBIL score of the borrower. SBI home loan interest rates are linked to CIBIL score and start from 6.70% for loans up to Rs. 75 lakh and 6.75% for loans above Rs. 75 lakh. Women borrowers get a special concession of 5 bps. Moreover, 100% waiver on processing fees continues.

Customers can also apply from the ease of their home via 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.

“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,” said Saloni Narayan, DMD (Retail Business), SBI.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country and is considered to be the trendsetter in the banking space.

The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. As on December 31, 2020, the bank has a deposit base of over Rs. 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. The integrated digital and lifestyle platform by SBI – YONO has crossed 74 million downloads mark.