MUMBAI, India (CU)_ The country’s largest lender, State Bank of India, has cut its interest rate on home loans up to 75 lakh rupees to 6.70 percent on Monday, which is the lowest rate on record. According to a press release from SBI, the home loans interest rate between 75 lakh and 5 crores has been reduced to 6.75 percent. At the same time, the loan processing fees are also waived by the bank. Women borrowers can get a 5-basis-point interest rate cut.
A press release from State Bank of India said, “The country’s largest lender, State Bank of India (SBI) has sweetened the offers on Home Loans and now offers interest concession of up to 70 bps with interest rates starting from 6.70 per cent onwards (limited period offer ending on 31st March ’21). The lender is also giving 100 per cent waiver on processing fees. The interest concessions are based on loan amount and CIBIL score of the borrower. SBI believes that it is important to extend better rates to customers who maintain good repayment history”.
The clients may also qualify for an extra interest reduction of 5 basis points by applying through YONO App from the comfort of their own homes. Women clients will be eligible for a special 5 basis point discount on account of International Women’s Day. Saloni Narayan, DMD (retail business) at SBI released a statement saying, “Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in home loans anyone can wish for.” After the announcement of the interest rate cut, the shares of SBI rose 1.14 percent to 395, in compliance with the Sensex, which was up over 1%.
