Good news! SBI makes home loan cheaper, waives processing fees

With an aim to offer attractive concessions to home buyers, the State Bank of India (SBI) has announced further interest concession of up to 30 bps on home loans and 100 per cent waiver on processing fees.

The bank said being a leader in home finance, it will continue to make endeavours in reviving consumer sentiments and has been offering various offers on home loans from time to time.

Along with their past offers on home loans, SBI will now provide higher interest concession based on the loan amount, the creditworthiness of the borrowers and the location of the property. SBI believes that it is important to offer better rates to customers displaying good repayment history.

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

Customers can also apply from the ease of their home via YONO App, or the website and get additional interest concession of 5 bps. Also, women borrowers get a concession of 5 bps. 5 bps concessions also available on balance transfer.

CS Setty, MD (Retail and Digital Banking), SBI says “We are pleased to improve our concessions to prospective home loan customers up to March’21. 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.”

He further adds, “With the nation all geared up to move ahead post-pandemic, SBI would continue to support the home buyers and the Real Estate Sector. Further, our eligible existing home loan borrowers can also avail a paperless pre-approved Top-up home loan through the YONO App.”