Festive cheers: SBI offers additional concessions on home loans

Lending major State Bank of India (SBI) on Wednesday announced concession in home loan rates by as much as 25 basis points.

Accordingly, an interest concession of 25 bps will be provided 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 SBI has offered a credit score based concessions of up to 20bps from 10 bps earlier, for a home loan of above Rs 30 lakh to Rs 2 crore across India.

"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," the lender said in a statement.

"An additional 5 bps concession for all home loans is given if applied through 'YONO'."

The lending major now offers interest rates starting as low as 6.90 per cent for a home loan of up to Rs 30 lakh and 7 per cent for above Rs 30 lakh.

C.S. Setty, MD (Retail and Digital Banking), SBI, said: "With the nation all geared up to the post-Covid era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers."

The lender has already announced a slew of special offers for its retail customers with 100 per cent processing fee waiver on car, gold, personal loans.

Retail customers can avail the low interest rate starting from 7.5 per cent on a car loan.

In terms of gold loan and personal loan customers can avail benefits of low interest rates of 7.5 per cent and 9.6 per cent respectively.