India

SBI’s home loan interest rate is only 6.70 per cent; Processing fees also waived

State Bank of India (SBI) has given a special gift to its home loan customers. SBI has now announced an festive offer for its customers. The main purpose behind this offer is to make home loans more affordable during the festive season. Under the offer, SBI will offer home loans to its customers at an interest rate of only 6.70 per cent. The biggest thing is that there will be no limit on the amount of the loan. According to a press release issued by SBI, SBI is currently offering home loans of over Rs 75 lakh at an interest rate of 7.15 per cent. But after the festive offer starts, borrowers who take home loans above Rs 75 lakh will get a home loan at a rate of at least 6.7%.

According to the press release, under this offer, borrowers will get a home loan of Rs 75 lakh for 30 years at 0.45% cheaper. This will save them more than Rs 8 lakh during the entire period.

Cheap loans to non-salaried class too

The interest rate applicable to non-salaried borrowers, i.e. non-salaried class, used to be 0.15 per cent higher than the interest rate applicable to salaried payers. State Bank of India (SBI) has said that the distinction between payers and non-payers has been removed under the offer.

Exemption of processing fee from State Bank

State Bank of India has completely waived the processing fee. Will offer attractive interest at a discounted rate based on the borrower’s credit score. “We have made the offer more inclusive this time around,” SBI said. These offers are available to all types of borrowers regardless of the loan amount and business. The 6.70% home loan offer also applies to balance transfer cases.

CS Setti, Managing Director (Retail and Digital Banking), State Bank of India, said, “We believe that zero processing fees and discounted interest rates will make it more affordable for consumers to buy a home during the festive season.” State Bank has also reduced the base rate and prime lending rate. According to SBI’s website, from September 15, 2021, SBI’s base rate will be 7.45% and prime lending rate will be 12.2%.

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