SBI Home Loan Interest Rates: India's largest lender has reduced the rate to 6.7 per centThe State Bank of India (SBI) has reduced home loan interest rates to 6.7 per centtosupporthome loan customers so thathome loans get more affordable amid the festive season.The country's largest lender is offeringcredit score linked home loans at 6.70 per cent - irrespective of the loan amount, according to a statement shared by the bank today.Earlier, aborrower availing a loan greater than Rs.
75 lack, had to pay an interest rate of 7.15 per cent, but with the introduction of the festive season-relatedoffers, a borrower can now avail a home loan for any amount at a rate of 6.70 percent, said SBI in its statement.The festive season's offer results in a saving of 45 basis points (bps)which translates to aninterest saving of more than Rs.
8 lack, for a Rs.
75 lack loan with a tenure of 30 years.
Also, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower.The state-run bank has removed thedistinction between a salaried and a non-salaried borrower.
This means that now there is no occupation-linked interest premium being charged to the prospective home loan borrowers.
This will lead to a further interest saving of 15 bps to the non-salaried borrowers.SBIhas waived off the processing fees completely and is offering attractive interest concession based on the credit score of the borrower.Generally, the concessional interest rates are applicable for a loan up to a certain limit and are also linked to the profession of the borrower.
This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower,'' said Mr C.S.
Setty, Managing Director (Retail - Digital Banking), SBI.''The 6.70 per centhome loan offer is also applicable to balance transfer cases.
We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable,'' added Mr Setty.On Thursday, September 16, shares of State Bank of India gained more than three per cent, hitting an intra day high of Rs 458.65, so far, on the BSE.
SBI opened on the BSE at Rs 445.10 and its shareswere last trading 3.26 per cent higher at Rs 458.30 apiece.