SBI Home Loan: State Bank is offering loans at 6.8% without processing fee till March – Check details

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February 10, 2021 2:15 PM

State Bank of India Home Loan Interest Rate 2021: SBI is currently offering home loans at interest rates starting as low as 6.80% per annum.

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State Bank of India Home Loan Interest Rate 2021: SBI is currently offering home loans at interest rates starting as low as 6.80% per annum. SBI on Wednesday said it commands a market share of 34 per cent in the home loan segment. On average, the bank onboards around 1000 home loan customers per day.

SBI has completely waived the processing fee till March 2021 for customers availing home loans in SBI approved projects. The Bank said it is also working on themes like focused development of the Home Loan business, refined analytics for boosting growth, easing home loan journey for customers, and post disbursal engagement with home loan customers.

PMAY loans

The State Bank of India has issued nearly two lakh home loans under PMAY till December 2020. SBI is also the only bank designated by Ministry of Housing and Urban Development as the Central Nodal Agency for processing Pradhan Mantri Awas Yojana (PMAY) subsidy.

In a statement, the public sector bank today (10 February 2021) said that to support the Government’s flagship program of ‘Housing for all by 2022’, SBI has been continuously extending home loans under PMAY and has sanctioned 1,94,582 home loans as of December 2020.

SBI is also looking at implementing AI, Cloud, Blockchain, machine learning which can play a pivotal role in propelling not only the home loan business of the bank but also other businesses.

New model

SBI is gearing up to initiate a co-lending model for home loans which will help boost SBI’s footprints in the unorganized sector. With the use of cutting-edge technology, a vast network of branches, dedicated to Central Processing Centers (CPCs) in 215 centres, bank’s digital and lifestyle platform, YONO, and other enablers, SBI has hit Rs. 5 trillion marks in the home loan business, the bank said.

Commenting on SBI home loan’s achievement, SBI chairman Dinesh Khara, said: “It is a momentous achievement for State Bank of India. This extraordinary feat is a testament to customers’ continuous trust in the bank. We feel that combining technology with personalized service is the key in the current scenario.”

“The bank is also working on various digital initiatives to improve the efficiencies in home loan delivery including a unique integrated platform Retail Loan Management System (RLMS) which will provide an end-to-end digital solution,” he added.

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