The country’s largest bank, State Bank of India (SBI), has given the New Year gift to those taking home loans to buy a house. SBI has reduced home loans by 30 basis points i.e. 0.3 percent. Apart from this, there is a big relief to the home buyers in processing fees as SBI has given a 100 percent discount in processing fees.
According to the release released by the bank, the interest rates of SBI are linked to CIBIL Score and a minimum interest of 6.80 per cent will be paid on loans up to Rs 30 lakh. The bank will charge interest at the rate of 6.95 percent on loans above 30 lakh. Women will get an additional 5 bps 0.05% discount on interest on home loans. Apart from this, there will be an additional discount of 0.05 percent on applying through the YONO app.
According to the release released by SBI, interest on loans up to Rs 5 crore in eight metro cities of the country will get relief of 3.0 bps i.e. 0.30 percent. The bank said in a press release that it has the highest participation in the home finance sector and hence it will continue to take steps from time to time to increase the sentiment of customers.