SBI Home Loan: State Bank of India announces huge bonanza for homebuyers! Lowers interest rate up to 30 bps

State Bank of India (SBI) home loan interest rate is already lowest in the Indian banking sector, but to offer more attractive concessions to the homebuyers, country’s largest lender today announced a further interest rate cut of up to 30 bps. This is on SBI home loans and the offer also includes 100 per cent waiver on processing fees. SBI informed about the same in a written press statement today and promised that SBI, being a leader in home finance, will continue to make endeavours in reviving consumer sentiments and has been offering various offers on home loans from time to time.

Speaking on the decision CS Setty, MD (Retail & Digital Banking) at SBI said “We are pleased to improve our concessions to prospective home loan customers up to March’21. 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. With the nation all geared up to move ahead post pandemic, SBI would continue to support the home buyers and the Real Estate Sector. Further, our eligible existing home loan borrowers can also avail a paperless pre-approved Top-up home loan through the YONO App in just a few clicks. We wish the new year brings in happiness to our customers with new offerings.”

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SBI, the largest home loan lender, has sweetened past offers and now provides higher interest concession based on loan amount, the creditworthiness of the borrowers and the location of the property. SBI believes that it is important to offer better rates to customers displaying good repayment history. SBI Home loan interest rates are linked to CIBIL score and start from 6.80 per cent for loans upto Rs 30 lakh and 6.95 per cent 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 Cr.

Customers can also apply from the ease of their home via YONO App / https://homeloans.sbi / www.sbiloansin59minutes.com and get additional interest concession of 5 bps.

SBI home loan interest rate cut: Key benefits announced today

1] SBI home Loan Interest rates start at as low as 6.80 per cent for Loans up to Rs 30 lacs and 6.95 per cent for loans above Rs 30 lacs based on CIBIL score;
2] Up to 30 bps interest concession on SBI Home Loans based on Loan Amount and CIBIL Score;
3] Women borrowers get SBI concession of 5 bps;
4] 5 bps SBI concessions also available on balance transfer; and
5] Digital sourcing attracts further SBI concession of 5bps.