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    SBI announces festive season interest rate concession up to 25 bps on home loans: Check details here

    Synopsis

    SBI now offers interest rates starting as low as 6.90% for a home loan of up to Rs 30 lakh and 7% for above Rs 30 lakh. With SBI’s lowest interest on home loans, this move will facilitate and encourage home buyers to plan their dream house.

    Home loan interest rates at historic low as SBI, Axis, Kotak Mahindra Bank announce festive offers
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    As part of its festive offer, the State Bank of India (SBI) has announced a concession in home loan interest rates by up to 25 bps. According to the SBI press release issued on October 21, 2020, home loan customers would get an interest concession of 25 bps for buying a home of above Rs 75 lakh based on their CIBIL score and if they apply through the bank's YONO platform. Late last month, the bank had already announced a 100 per cent waiver in its processing fee for all customers applying for car, gold, and personal loans through its YONO platform as part of its festive offer.

    "In an extension of its festive offers announced recently, SBI offers a credit score based concessions of up to 20 bps from 10 bps earlier, for a home loan of above Rs 30 lakh to Rs 2 crores across India. The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crores in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO," as per the release.

    Here is a look at what SBI has on offer for its retail customers:
    • Up to 20 bps interest concessions for loans above Rs 75 lakh based on CIBIL score
    • Concession in rates after RBI Monetary Policy announcement
    • Additional 5 bps concession for all home loans if applied through YONO
    • Customer to get credit score based concession up to 10 bps for loans above Rs 30 lakh to Rs 75 lakh
    • 5 bps additional interest concession to women home buyers
    • Interest rates starting from 6.90% for home loans of up to Rs 30 lakh

    Ongoing SBI festive offer
    SBI has already announced few special offers for its retail customers with 100 per cent processing fee waiver on car, gold, personal loans. It has also announced concessions on loans such as personal loans, car loans, and gold loans. Read the full story here.

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    RajeshK33 days ago
    The Psychology of Money
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