State Bank of India slashes home loan interest rates. Check details

Lending major State Bank of India (SBI) on Saturday announced that it has reduced its home loan interest rate to 6.70 per cent. While the interest rate for home loan upto Rs 30 lakh will be 6.70 per cent, 6.95 per cent interest will be charged for loans above Rs 30 lakh to Rs 75 lakh. The big-ticket loans above Rs 75 lacs would get home loans at 7.05 per cent, the bank said.

“SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI (equated monthly instalment) amounts substantially,” its managing director (retail and digital banking) C S Setty said.

“I am sure these measures will give a fillip to the real estate industry too,” he further mentioned, he added.

Besides, the lender will also offer a concession of 5 basis points to women borrowers. Customers applying for loan through YONO app will also get an additional interest concession of 5 basis points.

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The bank was offering home loans at an interest rate starting from 6.70 per cent till March 31, 2021. From April 1, 2021, it restored the original interest rates starting from 6.95 per cent.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. SBI commands over 34 per cent market share in home loans. Its home loan portfolio has crossed the milestone of Rs 5 lakh crore.