Diwali Dhamaka: SBI announces 25 bps concession on home loans

MUMBAI: In a bid to improve borrower sentiment India’s largest lender State Bank of India announced concession on home loan rates by as high as 25 basis points. SBI home loan customers would get an interest concession of 20 bps for buying homes of above Rs. 75 lakhs. Additional 5 bps concession will be for home loans applied through YONO and 5 bps interest concession to women home buyers.

Customer will also be able to avail Credit Score based concession up to 10 bps for loans above Rs 30 lakhs to Rs 75 lakhs. The special rates can be availed on the basis of CIBIL score and inquiries made through the YONO app.

SBI now offers interest rates starting as low as 6.90% for a home loan of up to Rs. 30 lakh and 7% for loans above Rs. 30 lakh.


“With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house,” said CS Setty, MD (Retail & Digital Banking), SBI. “With the nation all geared up to the post-Covid era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers.”

State Bank of India has already announced a slew of special offers for its retail customers with 100% processing fee waiver on car, gold, personal loans.

Retail customers are availing the lowest interest rate starting from 7.5% on a car loan. Gold loan and personal loan customers are also enjoying the benefits of lowest interest rates of 7.5% and 9.6% respectively, this festive season.