According to the press release issued by State Bank, SBI currently gives more than 75 lakh home loans at an interest rate of 7.15 percent. But after the introduction of the festive offers, borrowers taking home loans above Rs 75 lakh will also get a home loan at a minimum rate of 6.7%.
SBI Home Loan Rate Cut: The country’s largest bank State Bank of India (SBI) has announced a big relief regarding home loans. SBI has announced that in view of the festive season, it will offer credit score linked home loans at the rate of 6.7%, irrespective of the loan amount.
SBI makes home loan affordable for all!
According to the press release issued by State Bank, SBI currently gives more than 75 lakh home loans at an interest rate of 7.15 percent. But after the introduction of the festive offers, borrowers taking home loans above Rs 75 lakh will also get a home loan at a minimum rate of 6.7%. The press release said that under this offer, borrowers taking a home loan of Rs 75 lakh for 30 years will get a 0.45% cheaper loan, which will save them more than Rs 8 lakh during this entire period.
Cheap loan to non-salaried class also
Further, the interest rate applicable to non-salaried borrowers used to be 0.15 percent higher than the interest rate applicable to salaried borrowers. SBI has said that under this offer, the distinction between salaried and non-salaried has been eliminated. Hence, as of now, no business-linked interest premium is being charged from potential home loan borrowers, State Bank said. This will result in further interest savings of 0.15 percent for non-salaried borrowers.
State Bank of India has also completely waived off the processing fee and will offer attractive interest at a concessional rate based on the credit score of the borrower. SBI said that this time around, we have made the offers more inclusive and the offers are available to all categories of borrowers, irrespective of the loan amount and profession of the borrower. The 6.70% home loan offer is also applicable on balance transfer cases.
SBI Managing Director (Retail and Digital Banking), CS Setty said, “We believe zero processing fees and concessional interest rates will make home-buying more affordable during the festive season.
Let us tell you that SBI has also cut the base rate and prime lending rate. According to SBI’s website, from September 15, 2021, SBI’s base rate will be 7.45% and the prime lending rate will be 12.2%.