On Thursday, the State Bank of India (SBI) announced a bouquet of festive offers for prospective home loan customers, by the offer home loans that are made more affordable to the customer during the festive season.
The State Bank of India (SBI) bouquet of festive offers includes:
- Home Loans at 6.70% irrespective of the Loan amount.
- This interest rate is also applicable to balance transfer cases.
- Credit Score-based interest concession.
- Bank waives off processing fees.
- Waiver of occupation linked interest premium.
The lender said, “Earlier a borrower availing of a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15 percent. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent. The offer results in a saving of 45 basis points (bps) which translates to an interest saving of more than Rs 8 lakh, for Rs 75 lakh loan with a 30-year tenure.”
Shri C.S. Setty, Managing Director (Retail & Digital Banking) of SBI said “We are pleased to launch the festive offer for our prospective home loan customers. Generally, the concessional interest rates are applicable for a loan up to a certain limit and are also linked to the profession of the borrower. This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower. The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable. Our country has shown tremendous resilience during the pandemic. Being the Banker to every Indian, we, are committed to doing our bit in reviving the economy by enabling housing for all”.
Another big relief has been given by SBI to the home loan customers, as the bank has removed the difference between the interest rates for the salaried and non-salaried home loans. Earlier, 15 basis points i.e. 0.15 percent interest was being paid by the non-salaried home loan in contrast to the salaried customer. Now in the credit score linked offer, the initial interest rate for both the categories will be 6.70 percent. the processing fee for home loan customers has been completely given up by SBI in view of the festive season as now the customer does not have to pay any charges for the processing of his home loan file.