SBI cuts home loan interest rate to 6.7%, processing fee waiver to continue

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The State Bank of India (SBI) has cut the interest rate for home loans by 10 basis points (bps), with rates starting 6.7 per cent onwards. The bank will continue to offer a 100 per cent waiver on processing fees. The offer is for a limited period till March 31, 2021.” The interest concessions are based on the loan amount and CIBIL score of the borrower. SBI believes that it is important to extend better rates to customers who maintain good repayment history,” the bank said.

While the interest rate for loans up to Rs 75 lakh will start 6.7 per cent onwards, for loans above Rs 75 lakh it will start at 6.75 per cent onwards. Customers can get an additional concession of 5 bps by applying for home loans through its YONO app. On the eve of International Women’s day, a special 5 bps concession is being made available to the women borrowers, the country’s largest lender said.

“Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in home loans anyone can wish for,” Saloni Narayan, SBI’s Deputy Managing Director for retail business said. Shares of the bank were trading 1.10 per cent higher at Rs 394.50 on the BSE in the afternoon trade.

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