SBI reduces home loan interest rate to 6.7%: Here's all you need to know

The State Bank of India (SBI) announced an interest concession of up to 70 bps with interest rates starting from 6.7% onwards for a limited period offer till March 31, 2021. According to an SBI press release, the lender is also giving 100% waiver on processing fees. "The interest concession are based on loan amount and CIBIL score of the borrower. SBI believes that it is important to extend better rates to customers who maintain good repayment history.

SBI home loan interest rates are linked to CIBIL score and start from 6.7% for loans up to Rs 75 lakh and 6.75% for loans above Rs 75 lakh, according to the bank's press release.

Customers can also apply using the YONO App to get an additional interest concession of 5 bps. On the eve of International Women's day, a special 5 bps concession is being made available to the women borrowers, the bank state.