SBI increases concession for home loan interest rates

In a press release issued by the bank, the State Bank of India (SBI) has declared that it is increasing the concessions for its home loan interest rates.

SBI is offering concession up to 30 bps on home loan interest rates based on the CIBIL score and the home loan amount. This interest concession of up to 30 bps will also be available in eight metro cities for a home loan amount worth up to Rs 5 crore, as per the press release.

CS Setty, Managing Director (Retail and Digital Banking) of SBI explained, "We are pleased to improve our concessions to prospective home loan customers up to March 2021".

"With SBI's lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence," they further added.

Women applying for the home loan will get a further discount of 0.05% on the interest rate from SBI. SBI will now offer home loan interest start starting at 6.80 per cent for a loan amount up to Rs 30 lakh.

The bank will offer an interest rate of 6.95 per cent on home loan amount which is above Rs 30 lakh. This will depend on the CIBIL score of the party applying for the loan.

SBI is also offering a 100 per cent waiver on its processing fees. The bank will offer a 0.05% concession on balance transfer and a 0.05 per cent discount on digital sourced home loans.

"SBI has sweetened their past offers & now provides higher interest concession based on loan amount, the creditworthiness of the borrowers and the location of the property," read the press release.