On Wednesday, State Bank of India announced a relaxation of up to 20 basis points i.e 0.20 per cent point on home loans, in order to attract homebuyers in the upcoming festival season. The concession is applicable to loans for houses worth more than ₹ 30 lakh and up to ₹ 2 crore. The latest scheme doubles the reduction offered by SBI in an existing festive season offer. A SBI official said that the rebate will now also be applicable to customers borrowing up to ₹ 3 crore in metro cities.
In detail, this Scheme of SBI will give a concession of 0.2 percentage point ( 20 basis points) on home loans, Whereas additional 5 basis points will give to the amount above ₹ 75 lakh, on the applications made through YONO app. Therefore, customers applying for a home loan during the applicable period using the mobile app will get an effective concession of 25 basis points.
The country’s largest bank by assets said that Women homebuyers will get an additional concession of 5 basis points.
SBI’s interest rates on home loans start at 6.90 per cent on home loans up to ₹ 30 lakh, and 7 per cent on those above ₹ 30 lakh.
The managing director of SBI said that We are pleased to announce additional concessions for our prospective home loan customers this festive season. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house.
He added “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,”