SBI Home Loan: Diwali Dhamaka: SBI Announces 25 Basis Point Home Loan Concession


MUMBAI: In an effort to improve borrower sentiment, India’s largest lender announced residential mortgage rate concessions of up to 25 basis points. SBI home loan customers would receive a 20 basis point discount on home purchases over Rs. 75 lakh. An additional 5 bps concession will apply to home loans made through YONO and 5 bps interest concession for female homebuyers.

The customer will also be able to avail credit score based concessions of up to 10 basis points for loans above Rs 30 lakhs to Rs 75 lakhs. The special tariffs can be used on the basis of the CIBIL score and inquiries via the YONO app.

SBI now offers interest rates starting from 6.90% for a home loan of up to Rs. 30 lakh and 7% for loans over Rs. 30 lakh.

“With SBI’s lowest home loan rates, we believe this move will make it easier and more encouraging for home buyers to plan their dream home,” said CS Setty, MD (Retail & Digital Banking), SBI. “As the nation prepares for the post-Covid era, we are experiencing increasing customer demands and we at SBI will continue to offer lucrative benefits that meet the needs and demands of customers.”

State Bank of India has already announced a number of special offers for their retail customers that will have 100% waiver of auto, gold and personal loan processing fees.

Private customers use the lowest interest rate from 7.5% for a car loan. Gold loan and personal loan customers will also benefit from the lowest interest rates of 7.5% and 9.6% respectively this Christmas season.


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