Home loan EMIs set to reduce as SBI cuts rates - Key details
08-January-2021

With an aim to offer attractive concessions to the home buyers, country�s largest lender, State Bank of India (SBI) has announced further interest concession of upto 30 bps on home loans and 100% waiver on processing fees.

SBI Home loan interest rates are linked to CIBIL score and start from 6.80% for loans upto Rs. 30 lakh and 6.95% for loans above Rs. 30 lakhs. Interest concessions up to 30 bps is also available in 8 metro cities for loans up to Rs 5 Crs.

Eligible existing home loan borrowers can avail a paperless pre-approved Top-up home loan. The bank said that it will offer additional interest cncession of 5 bps if customers apply via YONO App, homeloans.sbi, sbiloansin59minutes.com.

The bank is also offering 5 bps concessions on balance transfer. Women borrowers will get additional concession of 5 bps.

�We are pleased to improve our concessions to prospective home loan customers upto March 2021. With SBI�s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence," CS Setty, MD (Retail & Digital Banking), SBI, said.