State Bank of India announces concessions of up to 25 basis points on residential mortgage rates


The country’s largest lender, State Bank of India, announced on Wednesday a concession of up to 25 basis points (bps) on its home loan interest.

This would give SBI’s customers a 25 basis point discount on a home loan of over Rs 75 lakh based on their CIBIL score and when applying through YONO, the lender’s digital credit platform.

In an extension of its recently announced festive offerings, the bank is offering a creditworthy concession of up to 20 basis points from 10 basis points previously for a home loan of over 30 lakh to 2 billion rupees across the country, according to a press release.

The same concession would also apply to home loan customers for a loan amount of up to Rs 3 billion in eight metropolitan areas. An additional concession of 5 basis points for all home loans will be granted when requested through YONO, it said.

The lender offers interest rates starting from 6.90 percent for a home loan of up to Rs 30 lakh and 7 percent for over Rs 30 lakh.

“With SBI’s lowest home loan rates, we believe this move will make it easier and more encouraging for home buyers to plan their dream home. As the nation prepares for the post-COVID era, we are seeing increased customer demand and we at SBI will move on.” To offer lucrative benefits that meet the needs and requirements of customers, “said Managing Director (Retail and Digital Banking) CS Setty.

Last month, the bank launched a number of festive offers for its personal borrowers, including a 100 percent processing fee waiver for all customers applying for auto, gold and personal loans through YONO.

(Only the headline and image of this report may have been revised by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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