State Bank of India (SBI), the country’s biggest lender, yesterday announced that it has reduced home loans rates to 6.70 per cent. In addition to it, women borrowers will get a special concession of 5 bps. “The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially,” said C S Setty, MD (Retail & Digital Banking).
With the reduction, SBI home loan interest rates now start from 6.70 per cent for loans up to Rs 30 lacs and 6.95 per cent for loans above Rs 30 lacs and up to 75 lakh. The big-ticket loans above Rs 75 lacs would get home loans at 7.05 per cent, the bank said. Customers can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 bps, SBI said. Earlier, SBI had reduced the home loan rate to 6.7 percent till March 31 as part of a festive offer post which rates were restored to 6.95 percent from April 1. SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore.