Published On : Mon, Mar 1st, 2021

SBI reduces interest on home loans to 6.7%

State Bank of India has sweetened its offers on home loans by reducing interest concession of up to 70 basis points, with interest rates starting from 6.7 per cent.

The country’s largest lender said on Monday it is also giving 100 per cent waiver on processing fees till March 31.

The interest concession is based on the loan amount and CIBIL score of the borrower.

SBI said it is important to extend better rates to customers who maintain good repayment history.

Its home loan interest rates start from 6.7 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans above Rs 75 lakh.

Customers can also apply from the ease of their home via the YONO app to get additional interest concession of 5 basis points, it said.

On the eve of International Women’s day, a special 5 basis points concession is also being made available to women borrowers.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. Its home loan portfolio recently crossed the milestone of Rs 5 lakh crore.

As on December 31, 2020, the bank had a deposit base of over Rs 35 lakh crore and advances of more than Rs 26 lakh crore with CASA (current account saving account) ratio of about 45 per cent.