Wednesday 26 January 2022
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SBI home loan interest rates reduced, processing fee till 31 March waived

SBI home loan interest rates are linked to CIBIL score and start from 6.70% for loans up to Rs 30 lakh and 6.95% for loans above Rs 30 lakh

In order to benefit homebuyers, the State Bank of India (SBI) has reduced the rate on home loans, further offering interest concession of up to 70 basis points (bps) with interest rates starting from 6.70% onwards for people with a good CIBIL score.

This is a limited period offer ending on 31 March and the lender is giving a 100% waiver on processing fees. 

“State Bank, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced,” the bank said in a statement.

SBI home loan interest rates are linked to CIBIL score and start from 6.70% for loans up to Rs 30 lakh and 6.95% for loans above Rs 30 lakh.

SBI customers are eligible to apply for the loan with the help of the YONO app to get an additional concession of 5 bps. On the eve of International Women’s day, the bank has offered a special 5 bps concession to women borrowers.

State Bank believes that it is important to offer better rates to customers displaying good repayment history,” the lender stated.

The bank provides a these loan options:

  • SBI Privilege Home Loan for government employees
  • SBI Shaurya Home Loan for and Defence personnel
  • SBI MaxGain Home Loan, SBI Smart Home
  • Top-up Loan for existing customers
  • SBI NRI Home Loan
  • SBI FlexiPay Home Loan for a home loan of a higher amount as well as
  • SBI HerGhar Home Loan for women

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. As of 31 December 2020, the bank has a deposit base of over Rs 35 lakh crore and advances of more than Rs 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment.

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