SBI Home Loan EMIs to Become Cheaper As Bank Announces Reduction in Interest Rate Up To 25 Bps

Mumbai, October 21: Aiming to facilitate and encourage "home buyers to plan their dream house" this festive season, India's largest lender State Bank of India (SBI) on Wednesday announced a concession of as high as 25 basis points (bps) in home loan rates.

According to a release by the SBI, the customers would get an interest concession of 25 bps in home loans of above Rs 75 lakh, based on CIBIL score and through YONO.

"In an extension of its festive offers announced recently, the SBI offers a credit score-based concession of up to 20 bps, raised from 10 bps earlier, for a home loan of above Rs 30 lakhs and below Rs 2 crore across India. The same concession would also be applicable for a loan amount of up to Rs 3 crore in eight metro cities. An additional 5 bps concession for all home loans will be given if applied through YONO," the release read. It added, 5 bps additional interest concession would be given to women home buyers. SBI Reduces MCLR by 10 to 15 Basis Points Across All Tenors, Home Loan, Car Loan to Become Cheaper.

The SBI now offers interest rates starting at 6.90 per cent for a home loan of up to Rs 30 lakh and 7 per cent for above Rs 30 lakh.

C S Setty, MD (Retail and Digital Banking), SBI, said the concessions would be on the existing rates. "With the nation all geared up for 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."

The State Bank of India has already announced a slew of special offers for its retail customers with 100 per cent processing fee waiver on car, gold and personal loans.

The interest rate starts from 7.5 per cent on a car loan, while the rates are 7.5 per cent and 9.6 per cent on gold and personal loans respectively.