The country's largest lender State Bank of India (SBI) has given a big gift to the home buyers
SBI Home Loan: The country's largest lender State Bank of India (SBI) has given a big gift to the home buyers. SBI has reduced the interest rate on home loans and is now offering exclusive interest rates starting from 6.70% onwards.
CS Setty, MD (Retail & Digital Banking) said, "SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too".
SBI home loan interest rates
SBI Home loan interest rates will now be starting from 6.70 percent for loans up to Rs. 30 lakh and 6.95 percent for loans above Rs. 30 lakh and up to Rs 75 lakh. The big-ticket loans above Rs. 75 lakh would get home loans at 7.05%.
Earlier, the SBI home loan interest rate was starting from 6.70 percent for loans up to Rs 75 lakh and 6.75 percent for loans in the range of Rs 75 lakh to Rs 5 crore, as an offer till March 31, 2021. But, effective April 1, 2021, the SBI home loan interest rate was 6.95 percent and upwards depending on the loan amount, gender and credit profile of the borrower.
SBI has said that it has become the only bank in the country where the home loan rate is starting from 6.70 percent. Bank's MD (Retail & Digital Banking) CS Setty said that this move of the bank will provide great relief to the consumer and this will reduce the EMI amount.
Special offer for women
At the same time, the bank has also offered a special offer for women. If a woman applies for a loan, she will get a discount of up to 5 bps (5 basis points). At the same time, the home loan customer will get a discount of up to 5 bps if he applies for the loan through the YONO app. SBI has said that this decision has been taken to increase the digital incentive.
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 "SBI home loan")
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