Homebuyers will get an additional 0.5 percent interest rebate on applying through the YONO app.
SBI Home Loan: The country’s largest bank, the State Bank of India (SBI), has given the New Year gift to those taking home loans to buy a house. SBI has reduced home loans by 30 basis points i.e. 0.3 percent. Apart from this, there is a big relief to the home buyers in processing fees as SBI has given a 100 percent discount in processing fees.
According to the release released by the bank, the interest rates of SBI are linked to CIBIL Score and a minimum interest of 6.80 per cent will be paid on loans up to Rs 30 lakh. The bank will charge interest at the rate of 6.95 percent on loans above 30 lakh. Women will get an additional 5 bps 0.05% discount on interest on home loans. Apart from this, there will be an additional discount of 0.05 percent on applying through the YONO app.
Interest relief on loans up to 5 crores in 8 metro cities
According to the release released by SBI, interest on loans up to Rs 5 crore in eight metro cities of the country will get relief of 3.0 bps i.e. 0.30 percent. The bank said in a press release that it has the highest participation in the home finance sector and hence it will continue to take steps from time to time to increase the sentiment of customers.
Also read- Rates fixed on the special deposit scheme
Additional relief on application from Yono App
SBI has informed in the release that if a customer can apply for a loan through the Yono app at the convenience of sitting at home. In this way, on applying, they will get an additional rebate of 5 bps i.e. 0.05 per cent. According to the bank’s Managing Director (Retail and Digital Banking) CC Shetty, customers will get the benefit of this offer by March 2021.
Country’s largest commercial bank
SBI is the largest commercial bank in the country in terms of assets, deposits, branches, customers and employees. Apart from this, it is the largest mortgage lender in the country. As of September 30, 2020, the bank had a deposit base of Rs 34 lakh crore, with a CASO ratio of over 45 per cent and an advance of over Rs 24 lakh crore. The CASO ratio is the ratio of current account and savings account deposits to total deposits and this shows the profitability of the bank. Talking about home loans, SBI has a market share of 34 percent and SBI has 32 percent share in the auto loan segment.
