SBI home loan customers would get an interest concession of 25 bps for buying homes of above Rs. 75 lakh based on CIBIL score and through YONO.
SBI now offers interest rates starting as low as 6.90% for a home loan of up to Rs. 30 lakh and 7% for above Rs. 30 lakh.
With an aim to offer homebuyers an enhanced festive delight, the country’s largest lender State Bank of India (SBI) has announced concession in home loan rates by as high as 25 bps. SBI home loan customers would get an interest concession of 25 bps for buying their dream homes of above Rs 75 lakh based on CIBIL score and through YONO.
In an extension of its festive offers announced recently, SBI is now offering a credit score based concessions of up to 20 bps from 10 bps earlier, for a home loan of above Rs 30 lakh to Rs 2 crore across India. The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crore in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO.
SBI now offers interest rates starting as low as 6.90% for a home loan of up to Rs 30 lakh and 7% for above Rs 30 lakh.
Since October 1, 2019 banks are mandated to offer all loans including home loans based only on an external benchmark. In the case of most banks including SBI, it is the RBI’s repo rate which is set as the external benchmark. The Repo linked lending rate (RLLR) for SBI is called the SBI EBR. Every time, RBI revises the repo rate, the revision in the interest rate is much quicker for the borrower compared to the loans linked to MCLR.
State Bank of India has already announced a slew of special offers for its retail customers with 100% processing fee waiver on car, gold, personal loans. Retail customers are availing the lowest interest rate starting from 7.5% on a car loan. Gold loan and personal loan customers are also enjoying the benefits of lowest interest rates of 7.5% and 9.6% 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.
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.”