Finance

Festive season offer: SBI announces up to 25 bps concession on home loan rates

Updated : October 21, 2020 11:33 AM IST

State Bank of India (SBI), the country’s largest lender, has announced concession in home loan rates by as high as 25 basis points (bps) in order to offer homebuyers an enhanced festive delight.

With this, SBI home loan customers would get an interest concession of 25 basis points for buying homes of above Rs 75 lakh based on CIBIL score and through YONO app.

State Bank of India (SBI), the country’s largest lender, has announced concession in home loan rates by as high as 25 basis points (bps) in order to offer homebuyers an enhanced festive delight.

With this, SBI home loan customers would get an interest concession of 25 basis points for buying homes of above Rs 75 lakh based on CIBIL score and through YONO app.

"In an extension of its festive offers announced recently, the bank offers a credit score based concessions of up to 20 bps from 10 bps earlier, for a home loan of above Rs 30 lakh to Rs 2 crore across India," SBI said in a statement.

The same concession would also be applicable for home loan customers for a loan amount of up to Rs 3 crore in eight metro cities. An additional 5 bps concession for all home loans will be given if applied through YONO, it added.

SBI now offers interest rates starting as low as 6.90 percent for a home loan of up to Rs 30 lakh and 7 percent for above Rs 30 lakh.

CS Setty, MD, Retail and Digital Banking, SBI said “We are pleased to announce additional concessions for our prospective home loan customers this festive season. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house.”

SBI has already announced a slew of special offers for its retail customers with 100 percent processing fee waiver on car, gold and personal loans.

Retail customers are availing the lowest interest rate starting from 7.5 percent on a car loan. Gold loan and personal loan customers are available at the lowest interest rates of 7.5 percent and 9.6 percent respectively, this festive season.

Customers can also avail of paperless pre-approved personal loans and insta home top-up loans through YONO in a few clicks.

Festive season offer: SBI announces up to 25 bps concession on home loan rates

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