Money & Banking

Festival season offer: SBI announces concession in home loan rates

Our Bureau Mumbai | Updated on October 21, 2020 Published on October 21, 2020

State Bank of India, Headquarters in Mumbai   -  PAUL NORONHA

Home loan customers to get an interest rate concession of up to 25 basis points

State Bank of India on Wednesday announced concession in home loan rates of up to 25 basis points (bps) as part of its festival season offer.

The country’s largest bank, in a statement, said home loan customers would get an interest concession of 20 bps for buying homes of above ₹75 lakh based on CIBIL (Credit Bureau) score.

Also read: Demand for home loans on the rise ahead of the festival season

Additionally, 5 bps concession will be offered for home loans if applied through YONO, SBI’s digital banking platform. One basis point is equal to one-hundredth of a percentage point.

SBI also said it is offering credit score based concessions of up to 20 bps, up from 10 bps earlier, for a home loan of above ₹30 lakh to ₹2 crore across India. This concession would also be applicable for home loan customers for a loan amount of up to ₹3 crore in eight metro cities, it added.

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

SBI now offers home loans at interest rates starting from 6.90 per cent for a loan of up to ₹30 lakh and 7 per cent for above ₹30 lakh.

CS Setty, MD (Retail & Digital Banking), SBI, said, “With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house.”

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Published on October 21, 2020
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