SBI festival offer: Bank offers 0.25% discount on home loan interest rate, waives processing fees

SBI Home Loan Offer, SBI Festival Offer: State Bank of India (SBI), the country's largest lender, has said that its home loan book has surpassed the Rs 6 lakh crore mark, making it the largest player in the industry. The bank said that it is the first lender to achieve the milestone in the residential home category.

SBI Home Loan Interest Rate Discount  

To celebrate this feat and festive season, the public sector bank has announced an offer for home loan buyers. The bank said that it will offer up to 25 bps or 0.25 per cent discount on interest rate to home loan borrowers, starting at 8.40 per cent. The bank will also offer a discount of 0.15 per cent on top-up loans, and 0.30 per cent on loans against property,

The lower interest will also be applicable to balance transfers.

Besides, the bank has also announced to waive processing fee till January 31 next year. 

SBI chairman Dinesh Khara said that the bank has over 28 lakh home loan customers.

Alok Kumar Choudhary, managing director-retail banking & operations, said that the offers are aimed to provide much-needed support for prospective home buyers as they embark on their journey for home ownership. 

"Looking at strong interest for home loans across the country, we are happy to announce a concessional rate of interest and waiver in processing fees for a limited period,” he said.

Earlier in January 2021, the bank had crossed the Rs 5 lakh crore mark, according to the bank.

SBI’s home loan portfolio stands at Rs 5.75 lakh crore, according to the bank. As on June 30, 2022, the bank has a deposit base of over Rs 40.46 lakh crore with a CASA ratio of 45.33 per cent and advances of more than Rs 29 lakh crores. SBI has a market share of 33.3 per cent in home loans and 19.3 per cent in auto loans.