Buying home this festive season? SBI new offer can help you get 25 bps concession – Check eligibility

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October 21, 2020 12:13 PM

Good news for homebuyers. India's largest lender State Bank of India (SBI) today announced concession in home loan rates by as high as 25 bps.

sbi home loan interest rateSBI cuts home loan interest rate for select customers.

Good news for homebuyers. India’s largest lender State Bank of India (SBI) today announced concession in home loan rates by as high as 25 bps. However, this offer is based on CIBIL score and would be available for buying homes priced above Rs 75 lakh.

The interest rate currently being offered by the bank for home loans above Rs 30 lakh is 7 per cent.

As per an official SBI statement, SBI home loan customers would get an interest concession of 25 bps for buying their dream homes of above Rs. 75 lakhs based on CIBIL score and through YONO.

“In an extension of its festive offers announced recently, SBI offers a credit score based concessions of up to 20bps from 10 bps earlier, for a home loan of above Rs 30 lakhs to Rs 2 crores across India,” SBI said.

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, it added.

An additional 5 bps concession for all home loans is given if applied through YONO.

SBI is currently offering interest rates starting as low as 6.90 per cent for a home loan of up to Rs. 30 lakh and 7 per cent for above Rs. 30 lakhs.

Commenting on the new offer, CS Setty, MD (Retail & Digital Banking), SBI said, “We are pleased to announce additional concessions for our prospective home loan customers this festive season. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house.”

“With the nation all geared up to the post-Covid era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers.”

State Bank of India recently announced several special offers for its retail customers with 100 per cent processing fee waiver on car, gold, personal loans.

Retail customers can avail lowest interest rate starting from 7.5 per cent on a car loan. Gold loan and personal loan customers are also enjoying the benefits of lowest interest rates of 7.5 per cent and 9.6 per cent respectively, this festive season.

Customers can also avail of paperless pre-approved personal loans and Insta home top-up loans through YONO in a few clicks.

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