SBI hikes discounts on home loan interest rates, offers concession up to 0.3%

State Bank of India (SBI) has increased the concessions on its home loan interest rates as per a press release issued by the bank today, it is offering home loan interest rate starting at 6.80% for loan amount up to Rs 30 lakh and 6.95% for loan amount above Rs 30 lakh depending on CIBIL score.

The bank is offering discount up to 0.30% on home loan interest rates based on the loan amount and CIBIL score. Interest concession up to 0.30% is also available in 8 metro cities for loans up to Rs 5 crore, as per the press release.
Women borrowers will get further concession of 0.05% in home loan interest rate from the bank.

The bank is also offering 100% waiver on processing fees, 0.05% concession on balance transfer and 0.05% discount on digitally sourced home loans.

As per the press release, “SBI has sweetened their past offers & now provides higher interest concession based on loan amount, the creditworthiness of the borrowers and the location of the property.”

CS Setty, MD (Retail & Digital Banking), SBI said “We are pleased to improve our concessions to prospective home loan customers up to March 2021. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence.”

How customers can apply for home loan?
As per the press release, customers can also apply for a home loan from the easily from their homes YONO App/ / and get additional interest concession of 0.05%.
Further, our eligible existing home loan borrowers can also avail a paperless pre-approved top-up home loan through the YONO App in just a few clicks.

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