Home loan EMIs set to drop as SBI cuts rates – Key details
With the aim of offering attractive concessions to home buyers, the country’s largest lender, the State Bank of India (SBI) has announced a new interest concession of up to 30 basis points on home loans and 100% exemption on processing fees.
SBI home loan interest rates are linked to the CIBIL score and start at 6.80% for loans up to Rs. 30 lakh and 6.95% for loans over Rs. 30 lakhs. Interest concessions of up to 30 basis points are also available in 8 metropolitan cities for loans up to Rs 5 Crs.
Borrowers eligible for an existing home loan can benefit from a complementary pre-approved paperless home loan. The bank said it will offer an additional 5 basis point interest assignment if customers request it through the YONO app, homeloans.sbi, sbiloansin59minutes.com.
The bank also offers concessions of 5 basis points on the balance transfer. Women borrowers will get an additional concession of 5 basis points.
“We are delighted to enhance our concessions to prospective home loan clients through March 2021. With SBI’s lowest mortgage interest rate, we believe this move will facilitate and encourage homebuyers to make the decision to buy a home with confidence, ”CS Setty, MD (Retail & Digital Banking), SBI, said.