Money & Banking

"SBI to offer home loans starting from 6.80% against 6.90% earlier"

Our Bureau Mumbai | Updated on January 08, 2021

100% processing fee waiver, 5 bps extra cut for women, balance transfer, application through YONO among other sops

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.

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

SBI, in a statement, said five bps interest rate concession each is available on home loans to women borrowers and those opting for a balance transfer.

Also read: SBI delivers on earnings in Q2, but warns of bad loans ahead

Further, customers applying for home loans via YONO App / / 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 lakhs.

"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 & Digital Banking), SBI said "With the nation all geared up to move ahead post-pandemic, SBI would continue to support the home buyers and the 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.



Published on January 08, 2021

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