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Good News For House Buyers As SBI Reduces Home Loan Interest Rates To 6.70%; Processing Fees Waived Off Till 31 March
Indian Banks - SBI and Federal Bank - Representative Image (Sanchit Khanna/Hindustan Times via Getty Images)
In a positive news for home buyers, the state-led lending major State Bank of India on Monday announced a limited period 'home loan' offer entailing a concession of up to 70 bps with interest rates starting from 6.70 per cent onwards.
Accordingly, the limited period offer ends on March 31, 2021 with home loan interest rates starting as low as 6.70 per cent for loans of up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh to Rs 5 crore.
Besides, the lender has also given 100 per cent waiver on processing fees required for home loan if applied before March 31.
“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,” SBI said in a statement.
As per the lender, the interest concession is based on the loan amount and CIBIL score of the borrower. The lender said that customers applying via 'YONO App' will get an additional interest concession of 5 bps.
Additionally, a special 5 bps concession is being made available to the women borrowers.
"Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in home loans anyone can wish for," said Saloni Narayan, DMD (retail business), SBI.
With IANS Inputs
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