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SBI cuts interest rates on home loans

SBI cuts interest rates on home loans Latest News

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Posted on- 03 May 2021

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State Bank of India (SBI) said on Saturday it has reduced home loan rates from 6.95 percent to 6.7 percent.

Besides, women borrowers will get a special concession of 5 basis points. Customers can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 basis points.

"The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially," said CS Setty, Managing Director for retail and digital banking.

With the reduction, SBI home loan interest rates now start from 6.7 percent for loans up to Rs 30 lakh and 6.95 percent for loans between Rs 30 lakh and Rs 75 lakh. Those above Rs 75 lakh will be charged interest at 7.05 percent.

Earlier, SBI had reduced the home loan rate to 6.7 percent till March 31 as part of a festive offer. They were restored to 6.95 percent from April 1.

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.

SOURCE- MUMBAI MIRROR

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