SBI cuts home loan interest rate to 6.7%
MUMBAI: The State Bank of India (SBI) on Saturday said it has reduced home loans rates from 6.95 per cent to 6.7 per cent.
Besides, women borrowers will get a special concession of 5 basis points. Customers can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 basis points.
“The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially,” said C S Setty, Managing Director for retail and digital banking.
With the reduction, SBI home loan interest rates now start from 6.7 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans between Rs 30 lakh and Rs 75 lakh. Those above Rs 75 lakh will be charged interest at 7.05 per cent.
Earlier, SBI had reduced home loan rate to 6.7 per cent till March 31 as part of a festive offer. They were restored to 6.95 per cent from April 1.
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. Its home loan portfolio recently crossed the milestone of Rs 5 lakh crore.