The State Bank of India (SBI) announced on Friday a 100 percent waiver of the home loan processing fee and interest rate concessions based on the CIBIL score.
The country’s largest lender has sweetened the offer with a higher rate of interest depending on the loan size, borrowers’ creditworthiness, and the property’s location.
“SBI home loan interest rates are pegged to the CIBIL score and start at 6.80% for loans up to Rs. 30 lakh and 6.95% for loans above Rs. 30 lakh,” said the country’s largest lender. Interest rate reductions of up to 30 basis points are also available in 8 metropolitan areas on loans up to Rs.5 billion, she added.
The bank also said female borrowers will get an additional 5 basis points concession. (100 bps = 1 percentage point).
In addition, there is a similar concession (5 bps) when transferring the balance. “Digital sourcing entails further concessions of 5 bps,” said SBI.
SBI’s shares closed 0.61% on Friday at Rs 286 on the Bombay Stock Exchange.
“SBI, a leader in home finance, will continue to work to revitalize consumer sentiment and from time to time offer a variety of home loan offers,” the lender said.
CS Setty, MD (Retail & Digital Banking), SBI said, “We are excited to improve our concessions to potential home loan customers through March 21st. With SBI’s lowest home loan rates, we believe this move will make home buyers easier and encourage them to make the purchase decision with confidence. “
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Posted on Friday January 8th, 2021 4:53 PM IST