Money & Banking

SBI lowers home loan rates to 6.70%

Our Bureau. Mumbai | Updated on March 01, 2021

State Bank of India (SBI) has lowered the minimum interest rate at which it will offer home loans from 6.80 per cent to 6.70 per cent for a limited period up to March 31, 2021.

India’s largest bank, in a statement, said its home loan interest rates start at 6.70 per cent for loans up to ₹75 lakh and 6.75 per cent for loans in the range of ₹75 lakh to ₹5 crore.

The lender is continuing with 100 per cent waiver on processing fees.

The bank said, overall, it is offering concession of up to 70 basis points based on loan amount and credit score. This also includes concession of 5 basis points each for women borrowers and digital sourcing through the YONO app.

Saloni Narayan, Deputy Managing Director (Retail Business), SBI, said, the reduced interest rates are one of the best in home loans.

Last month, the bank said it expects to double its home loan portfolio in the next five years to ₹10 lakh crore on the back of higher economic growth and growing preference of the new generation to buy a home early.

India’s largest bank took about 10 years to grow its home loan portfolio from ₹89,000 crore in FY11 to touch the ₹5-lakh crore mark now, according to Chairman Dinesh Kumar Khara.

Published on March 01, 2021

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