The borrowers can avail a higher interest concession on their home loans, depending on their loan amount, creditworthiness, and property's location.
The State Bank of India (SBI) has brought out some exciting offers for its borrowers in 2021. The largest lender in the country is providing attractive concessions for those who wish to buy their dream homes this year. As a significant benefit, the SBI announced a further interest concession of up to 30 basis points (bps) on home loans while also providing a 100 per cent waiver on the processing fees of the same.
The state bank has come out to advance its previous offers to bring about a change in the sentiments of its customers. The borrowers can now avail a higher interest concession on their home loans, depending on their loan amount, their creditworthiness, and where their property is located.
The SBI, in its statement, said, "SBI, being a leader in home finance, will continue to make endeavours in reviving consumer sentiments and has been offering various offers on home loans from time to time."
The interest rates for home loans at the SBI depend on the CIBIL score (credit score). It ranges from 6.80 per cent interest for loans up to Rs 30 lakhs to 6.95 per cent for loan amounts above Rs 30 lakhs.
In eight metro cities across the country, the SBI provides further interest concessions of up to 30 bps for home loans up to Rs 5 crores.
For those borrowers applying from their homes through the SBI website or the YONO app, they can get a further interest concession of 5 bps.
To summarise all the benefits and concessions offered by the SBI, the state lender provides home loans at interest rates of 6.80 per cent for loan amount till Rs 30 lakh and 6.95 per cent for those more than Rs 30 lakhs. It is to be noted that these concessions are based on the CIBIL score.
The women borrowers get a further concession from the SBI of 5 bps. The same concession is available on digital sourcing and balance transfers.
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