State Bank of India (SBI), the country’s largest lender, has cut the home loan interest rate by upto 70 bps with interest rates starting from 6.70% onwards (limited period offer ending on March 31, 2021). The bank is also giving 100 per cent waiver on processing fees.
The interest concession are based on loan amount and CIBIL score of the borrower.
"Home loan interest rates are linked to CIBIL score and start from 6.70% for loans upto Rs. 75 lakh and 6.75% for loans above Rs. 75 lakhs," it said.
"SBI believes that it is important to extend better rates to customers who maintain good repayment history," the bank said in a statement.
Customers can also apply from the ease of their home via YONO App to get additional interest concession of 5 bps. On the eve of International Women’s day, a special 5 bps concession is being made available to the women borrowers.
“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,” Saloni Narayan, DMD (Retail Business), SBI, said.