Due to the pandemic, the Reserve Bank of India had reduced the Repo Rate to 4%. The biggest benefit if that has been to the Home Loan segment as the interest rates fall to a decade low.
The State Bank of India (SBI) as reduced their loan interests further for home loans. For self-employed loan seekers, the present interest rates are 7.10% to 7.60% and for salaried, the loan interests are 6.95% to 7.45%. They have also introduced other offers like zero processing fees etc.
A tweet by SBI read, “Knock Knock! Who’s there? Concessions on SBI Home Loans through YONO.”
— State Bank of India (@TheOfficialSBI) September 9, 2020
SBI announces special offers on home loans. Check details.https://t.co/bnOy3puI64
— TIMES NOW (@TimesNow) September 10, 2020