Good news! SBI makes home loan cheaper, offers additional benefits

The State Bank of India (SBI) has sweetened the offers on home loans for its borrowers and now offers interest concession of up to 70 bps with interest rates starting from 6.70 per cent onwards. However, the SBI offer is a limited period offer ending on 31st March 2021.

The country’s largest lender will also be giving a 100 per cent waiver on processing fees under this offer. The interest concession will be based on the loan amount and the CIBIL score of the borrower. The bank believes that it is important to extend better rates to borrowers who maintain a good repayment history.

Being one of the top banks in the market in home finance, SBI takes ownership in bolstering consumer sentiments. The company says affordability for the consumer increases immensely with the present offerings as the EMI will be reduced.

SBI Home Loan interest rates are linked to CIBIL score and start from 6.70 per cent for loans up to Rs 75 lakh, and 6.75 per cent for loans above Rs 75 lakh.

Additionally, customers will also be able to apply from the ease of their home through the YONO App to get additional interest concession of 5 bps. Also, note that on the eve of International Women’s Day, a special 5 bps concession will be made available to women borrowers.

Saloni Narayan, DMD (Retail Business), SBI, says, “Borrowers trust us because of our total transparency. The reduced interest rates are one of the best interest rates in home loans anyone can wish for.”