Big Announcement! SBI Cuts Home Loan Interest Rate, Ends Processing Fees

Country’s largest state-run bank, the State Bank of India on Friday announced a reduction in interest rates on home loans by up to 0.30 percent and a 100 percent rebate in processing fees. The bank said in a statement that the interest rate for the new home loan will be linked to the CIBIL score. The bank said that the interest rate for home loans up to Rs 30 lakh will start from 6.80 percent. For home loans above Rs 30 lakh, the interest rate will start from 6.95 percent.

The bank said that women customers will be given an additional 0.5 percent discount in this new rate of interest. The statement said that in order to provide an attractive discount to home buyers, the country’s largest bank SBI has announced a discount of up to 30 basis points on home loans and abolition of 100 per cent of processing fee.

The bank said that discounts of up to 30 basis points will also be made available to customers on home loans up to Rs 5 crore in eight metro cities. The bank said that consumers can apply for a home loan through the Yono app at their home and on doing so, they will get an additional 0.5 percent discount interest rate.

SBI Managing Director (Retail and Digital Banking) CS Shetty said that we are happy to extend the home loan interest rate rebate period to prospective home buyers and now this facility will be available till March 2021. He said that the existing home loan customers of the bank can also take paperless pre-approved top-up home loans through the YONO app.

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