1. News

SBI's Festive Season Offer on Home Loan; Slashes Interest Rate to 6.70%

M Kanika
M Kanika
SBI Festive Season Offers on Home Loan
SBI Festive Season Offers on Home Loan

The State Bank of India reduced the Home Loan interest rates to 6.7% to support the home loan customers so that the home loans get more affordable amid Festive Season. The largest lender in our country is offering a credit score linked to home loans at 6.70% irrespective of the loan amount.

SBI to Offer Credit Score Linked Home Loans

Previously, a borrower availing a loan is greater than Rs 75 lakh, had to pay an interest rate of 7.15% but with the introduction of festive season-related offers. A borrower can now avail of the home loan for any amount rate of 6.70%.

The offer of festive season results in a saving of 45 basis points, which translates to an interest saving of more than Rs 8 lakh for Rs 75 lakh loan with a tenure of 30 years. Also, the rate of interest is applicable to non-salaried borrowers was 15 bps higher than the interest rate applicable to salaried borrowers.

SBI Removes Distinction between Salaried & Non-Salaried Home Loan Borrowers

The state-run bank removed the distinction between salaried & non-salaried borrowers. This means that now there is no occupation-linked interest premium being charged to prospective home loan borrowers. 

It will lead to further interest savings of 15 bps to non-salaried borrowers. The State Bank of India (SBI) waived off processing fees completely & is offering attractive interest concession based on the Credit Score of the borrower.

Generally, the concessional interest rates are applicable for loans up to a certain limit & are linked to the profession of the borrower. This time, we made offers even more inclusive & offers are available to all segments of the borrowers irrespective of loan amount & the profession of borrower said C.S. Setty, the Managing Director of SBI.

Mr. Setty also said that “6.70% of home loan offer is applicable to balance the transfer cases. We believe zero processing fees & concessional interest rates in the festive season will make the homeownership even more affordable”

On 16th September (Thursday), the shares of State Bank of India gained more than 3%, by hitting an intraday high of Rs 458.65, so far, on the BSE. The SBI has opened on the BSE at Rs 445.10 & its shares were last trading 3.26% higher at Rs 458.20 apiece.

Like this article?

Hey! I am M Kanika. Did you liked this article and have suggestions to improve this article? Mail me your suggestions and feedback.

Share your comments

Subscribe to our Newsletter. You choose the topics of your interest and we'll send you handpicked news and latest updates based on your choice.

Subscribe Newsletters