SBI reduces home loan interest rates. Details here

The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore, SBI says. (MINT_PRINT)Premium
The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore, SBI says. (MINT_PRINT)
 1 min read . Updated: 01 May 2021, 01:16 PM IST Staff Writer

The country’s largest lender, State Bank of India (SBI) has cut home loan interest rates and is now offering exclusive interest rates on home loans starting from 6.70% onwards. The women borrower gets a special 5 bps concession while customers can also apply for a loan from the ease of their home via the YONO spp to earn an additional interest concession of 5 bps, SBI said.

C S Setty, MD (Retail & Digital Banking) said, “SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too".

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SBI home loan interest rates start from 6.70% for loans up to Rs. 30 lakh and 6.95% for loans above Rs. 30 lakh and up to 75 lakh. The big-ticket loans above Rs. 75 lakh would get home loans at 7.05%, the bank said in a statement.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It also claims to be the largest mortgage lender in the country.

The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore, SBI says. The bank has auto loan book of Rs. 75,937 crore, as on December 31, 2020, the bank has a deposit base of over Rs. 35 lakh crore and advances of more than Rs. 26 lakh crore with CASA ratio of about 45%.

SBI commands over 34% market share in home loans and around 33% in the auto loans segment, the lender says.

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