Good News for Farmers! SBI is Offering Cheapest Home Loans; Waives Processing Fees; Apply Here

India’s largest government owned bank State Bank of India has recently announced further interest concession of up to 30 bps on home loans and 100 per cent waiver on processing fees. Moreover, with an aim to offer attractive concessions to home buyers and mainly for middle class families, SBI has decided to waive processing fees.  

When the nation is all geared up to move ahead post-pandemic, SBI is ready to continue to support the home buyers and the Real Estate Sector.  

Being a leader in home finance, it will continue to make endeavors in reviving consumer sentiments and has been offering various offers on home loans from time to time, says bank official. 

SBI to Provide Higher Interest Concession based on Loan Amount 

According to reports, along with their past offers on home loans, SBI will now provide higher interest concession based on the loan amount, the creditworthiness of the borrowers and the location of the property. 

SBI Home loan interest rates are linked to CIBIL score and start from 6.80 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans above Rs 30 lakhs. Interest concessions up to 30 bps are also available in 8 metro cities for loans up to Rs 5 crores. 

How Customers can Apply for Home Loan? 

Customers can also apply from the ease of their home via YONO App, or the website and get additional interest concession of 5 bps. On the other hand, women borrowers get a concession of 5 bps. 5 bps concessions also available on balance transfer. 

“We are pleased to improve our concessions to prospective home loan customers up to March’21. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence”, says CS Setty, MD (Retail and Digital Banking) SBI. 

He further adds, “With the nation all geared up to move ahead post-pandemic, SBI would continue to support the home buyers and the Real Estate Sector. Further, our eligible existing home loan borrowers can also avail a paperless pre-approved Top-up home loan through the YONO App.”