Applying For Home Loan? SBI Reduces Interest Rates To 6.70% - Details Here

SBI Home Loan: SBI has cut down the home loan interest rate up to 70 basis points and is also giving 100 per cent waiver on processing fees. Check details on latest offer here

The State Bank of India has cut down the home loan interest rate up to 70 basis points (bps) with interest rates starting from 6.70 per cent onwards. The bank is also giving 100 per cent waiver on processing fees. Customers must note that that this is a limited period offer that ends on March 31.

SBI home loan interest rates are linked to CIBIL score starting from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans above Rs 75 lakh. The interest concession is based on the loan amount and CIBIL score of the borrower.

SBI, being the country’s largest lender and market leader in home finance, believes that it is important to extend better rates to customers who maintain good repayment history. A Times Now report quoted Saloni Narayan, DMD (Retail Business), SBI saying, "Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in Home Loans anyone can wish for."

In November last year, the State Bank of India offered interest rates starting at 6.90 per cent for a home loan of up to Rs 30 lakh and 7 per cent for above Rs 30 lakh. As quoted in a Mint report, the lender said that the borrowers will get an interest concession of 25 bps on a home loan of above Rs 75 lakh.

If applied through YONO, the bank will offer the customer additional 5 bps concession on the home loan. Moreover, women borrowers will get 5 bps interest concession.