SBI reduces home loan interest rates, women borrowers to get concession of 5 bps

Mumbai, May 1, 2021

State Bank of India (SBI), the country's largest lender, today announced a lowering of its home loan interst rates, which now start at 6.70 per cent for loans of up to Rs 30 lakh.

The rate will be 6.95% for loans above Rs 30 lakh and up to Rs 75 lakh and 7.05% for loans above Rs 75 lakh.

"SBI always believes in extending the enabling support for improving the affordability of prospective home loan customers," a press release from the bank said.

C S Setty, MD (Retail & Digital Banking), SBI, 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”.

"As we are committed to empowering the women borrower, a special 5 bps concession is being made available to them. 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," the release added.

The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore.

NNN