Here’s an opportunity to grab for women borrowers as the country’s largest lender State Bank of India (SBI) has announced further reduction of interest on home loan rates for women. The announcement has been made on the international women’s day which is celebrated across the world on March 8 every year.
"On Women's Day, we make it special with an additional concession of 5 bps* to women borrowers and interest starting at 6.70%* onwards," country's top lender said in a tweet. Also Read: ICICI Bank Home Loan: Alert! Interest Rate Slashed To 6.70. Check Details Here
On 1 March, SBI has reduced the interest rate on home loans up to 70 basis points (bps ). This is a limited period offer ending on 31 March. The lender is also offering a 100 per cent waiver on processing fees. The public lender believes it is important to extend better rates to customers who maintain good repayment history.
SBI customers can avail a home loan through the YONO app and get additional interest concession of 5 bps. It is to be noted that the interest concession is based on the loan amount and CIBIL score of the borrower. The bank is offering a 6.70 per cent rate of interest for loans up to ₹75 lakh and 6.75 per cent for loans above ₹75 lakh.
In February, the bank crossed the ₹5 trillion (5 lakh crore) mark in its home loan business. The bank aims to achieve a home loan AUM of ₹7 trillion by FY 2024.
Other lenders including ICICI Bank, Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank have also slashed the interest rates on home loans.