Country’s largest lender, State Bank of India (SBI) has reduced the rate on home loans to 6.70 percent till 31 March, the bank said in a statement on Monday.
The lender is also giving a 100 percent waiver on processing fees, it said.
The interest concession is based on the loan amount and CIBIL score of the borrower. SBI believes that it is important to extend better rates to customers who maintain good repayment history, the bank said.
“SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced,” the bank said.
SBI Home loan interest rates are linked to CIBIL score and start from 6.70 percent for loans up to Rs. 75 lakh and 6.75 percent for loans above Rs. 75 lakhs, the bank said.
Customers can also apply from the ease of their home via YONO App to get additional interest concession of 5 bps. On the eve of International Women’s day, a special 5 bps concession is being made available to the women borrowers, the bank said.
The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore, it said. As of December 31, 2020, the bank has a deposit base of over Rs. 35 lakh crore and advances of more than Rs. 26 lakh crore with a CASA ratio of about 45 percent. SBI commands over 34 percent market share in home loans and around 33 percent in the auto loans segment, the bank said.
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