State Bank of India on Wednesday announced a concession of up to 20 basis points – or 0.20 percentage point – on home loans, in a bid to attract homebuyers in the ongoing festive season. The scheme is applicable to loans for houses worth more than ₹ 30 lakh and up to ₹ 2 crore. The latest scheme doubles the concession offered by SBI in an existing festive season offer. SBI said the concession will now also be applicable to customers borrowing up to ₹ 3 crore in eight metro cities.
Under the scheme, SBI will provide a concession of 20 basis points (0.2 percentage point) on home loans above ₹ 75 lakh, and an additional 5 basis points on applications made through the YONO app. Therefore, those applying for a home loan during the applicable period using the mobile app will get an effective concession of 25 basis points.
In other words, borrowers will get a 25-bps concession in the applicable interest rate on home loans of more than ₹ 75 lakh if applied through mobile app YONO, subject to factors such as the CIBIL score.
On loans above ₹ 30 lakh and up to ₹ 75 lakh, SBI said it will provide a credit score-based concession of up to 10 bps.
Women homebuyers will get an additional concession of 5 bps, said SBI, the country’s largest bank by assets.