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This article is more than 2 month old.

SBI announces festive offers, home loans now available at 6.70% irrespective of amount

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State Bank of India (SBI) has launched a bouquet of festive offers for prospective home loan customers. The offers are aimed to make home loans more affordable in the festive season, the bank said in a statement on Thursday.

SBI announces festive offers, home loans now available at 6.70% irrespective of amount
State Bank of India (SBI) has launched a bouquet of festive offers for prospective home loan customers. The offers are aimed to make home loans more affordable in the festive season, the bank said in a statement on Thursday.
In a first-of-its-kind initiative, the lender said that it is offering credit score linked home loans at 6.70 percent, irrespective of the loan amount.
"Earlier a borrower availing of a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15 percent. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent. The offer results in a saving of 45 basis points (bps) which translates to an interest saving of more than Rs 8 lakh, for Rs 75 lakh loan with a 30-year tenure," the lender added.
Further, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower. Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers.
"This would lead to a further interest saving of 15 bps to non-salaried borrowers," the bank said.
Additionally, SBI has waived off the processing fees completely and is offering interest concession based on the credit score of the borrower.
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