Home loan EMIs set to reduce as SBI cuts rates
With an aim to offer attractive concessions to the home buyers, country’s largest lender, State Bank of India (SBI) has announced further interest concession of upto 30 bps on home loans and 100% waiver on processing fees.
SBI Home loan interest rates are linked to CIBIL score and start from 6.80% for loans upto Rs. 30 lakh and 6.95% for loans above Rs. 30 lakhs. Interest concessions up to 30 bps is also available in 8 metro cities for loans up to Rs 5 Crs.
Eligible existing home loan borrowers can avail a paperless pre-approved Top-up home loan. The bank said that it will offer additional interest cncession of 5 bps if customers apply via YONO App, homeloans.sbi, sbiloansin59minutes.com.
The bank is also offering 5 bps concessions on balance transfer. Women borrowers will get additional concession of 5 bps.
“We are pleased to improve our concessions to prospective home loan customers upto March 2021. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence," CS Setty, MD (Retail & Digital Banking), SBI, said.
