SBI Home Loan Rate: State Bank of India (SBI), the country’s largest state-run bank, has announced a discount of up to 70 basis points on the interest rate of home loan to customers under its special offer. Under this offer, the interest rates of Homalon will start from 6.70 per cent, which is a record low so far. This offer will be based on the CIBIL score and the loan amount of the customers. At the same time, SBI has also waived the processing fee on the home loan till 31 March. SBI says that customers whose repayment history is better will get the benefit.
What is the offer of SBI?
- Customers whose CIBIL score will be better, they will get a discount of up to 70 basis points on Homalon.
- For such customers, interest rate will be 6.70 percent on taking loan up to Rs 75 lakh. At the same time, on taking a loan from 75 lakh to 5 crore, they will have to pay interest at the rate of 6.75 percent.
- If there is a woman taking a loan, then she will be given an additional 5 percent discount under this offer. This extra women day is being given keeping in mind.
- However, for an additional 5 percent rebate, they will have to apply this loan through the digitally YONO app.
- According to this offer, till March 31, the processing fee will be waived on Homelone i.e. 100% discount will be given on processing fee.
Explain that SBI is the market leader in home finance. SBI believes that customers should get such relief from time to time. This will reduce the EMI of their home loans and will also strengthen the sentiment of the customers to buy the house. Saloni Narayan, DMD (Retail Business) of SBI, says that due to transparency, our customers are gaining confidence in us. We are offering our home loans to our customers. It is convenient for everyone.
Market leader in home loans
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. The bank’s home loan portfolio has also crossed the milestone of Rs 5 lakh crore. As on 31 December 2020, the bank has a deposit base of over ₹ 35 lakh crore and an advance of over ₹ 26 lakh crore with a CASA ratio of around 45 per cent. SBI has more than 34 percent market share in the home loan segment, while about 33 percent market share in the auto loan segment.