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.
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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 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.