Big news for SBI home loan borrowers, bank announces major interest concession – All details here

New Delhi: In what would come as a major relief to lakhs  State Bank of India (SBI) home loan borrowers, he country’s largest lender on Wednesday announced concession of up to 25 basis points (bps) on its home loan rates.

SBI has announced that its customers would get an interest concession of 25 bps on a home loan of above Rs 75 lakh, based on their CIBIL score and if they are applying through YONO, the lender’s digital lending platform.

In an extension of its festive offers announced recently, the bank is offering a credit score-based concession of up to 20 bps from 10 bps earlier, for a home loan of above Rs 30 lakh to Rs 2 crore across the country.

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The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crores in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO, it said.

SBI is offering interest rates starting as low as 6.90 percent for a home loan of up to Rs 30 lakh and 7 percent for above Rs 30 lakh.

“With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house. With the nation all geared up to the post-COVID era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers,” its managing director (retail and digital banking) C S Setty said.

Here are the key highlights of the offer

• Up to 20 bps interest concessions for loans above Rs. 75 lakhs based on CIBIL score
   
• Concession in rates after RBI Monetary Policy announcement
   
• Additional 5 bps concession for all home loans if applied through YONO
   
• Customer to get Credit Score based concession up to 10 bps for loans above Rs 30 lakhs to Rs 75 lakh
   
• 5 bps additional interest concession to women home buyers
   
• The lowest Interest rates start starting from 6.90% for home loans of up to Rs 30 lakh

State Bank of India has recently announced a slew of special offers for its retail customers with 100% processing fee waiver on car, gold, personal loans. Retail customers can avail the lowest interest rate starting from 7.5% on a car loan. Gold loan and personal loan customers can avail the benefits of lowest interest rates of 7.5% and 9.6% respectively, this festive season. Customers can also avail of paperless pre-approved personal loans and Insta home top-up loans through YONO in a few clicks.