State Bank of India (SBI) has cut the minimum interest rate at which it will offer home loans up to ₹30 lakh to 6.80 per cent from 6.90 per cent. Further, for home loans above ₹30 lakh, the minimum interest rate has been pared to 6.95 per cent from 7 per cent.

Processing fees

India’s largest bank said it now provides higher interest concession based on loan amount, creditworthiness of the borrowers, and the location of the property. The bank also announced 100 per cent waiver on processing fees.

SBI, in a statement, said 5 bps interest rate concession each is available on home loans to women borrowers and those opting for balance transfer. Further, customers applying for home loans via YONO App / https://homeloans.sbi / www.sbiloansin59minutes.com will get additional interest concession of 5 bps. “Home loan interest rates are linked to CIBIL score and start from 6.80 per cent for loans up to ₹30 lakh and 6.95 per cent for loans above ₹30 lakh.

“Interest concessions up to 30 bps is also available in 8 metro cities for loans up to ₹5 crore,” India’s largest bank said in a statement. Concessions to prospective home loan customers are available up to March 2021, it added.

CS Setty, MD (Retail and Digital Banking), SBI, said: “With the nation all geared up to move ahead post pandemic, SBI would continue to support the home buyers and real estate sector. “Further, our eligible existing home loan borrowers can also avail a paperless, pre-approved top-up home loan through the YONO App in just a few clicks. “

Meanwhile, Saraswat Co-operative Bank, India’s largest urban co-operative bank, in a statement, said it is offering retail loans such as home loans (at 7 per cent interest, no processing fee); car loan (at 8 per cent, with 100 per cent finance and free FASTag); and gold loan (at 8.50 per cent, no processing fee) at lower rates up to March-end 2021.

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