SBI home loan festive offers: State Bank of India (SBI) has announced concession in home loan rates by as high as 25 bps. With this, SBI home loan festive offers customers would get an interest concession of 25 bps for buying their dream homes of above 75 lakh based on CIBIL score and through Yono.

In an extension of its SBI home loan festive offers announced recently, SBI offers a credit score based concessions of up to 20 bps from 10 bps earlier, for a home loan of above 30 lakh to 2 crores across India. The same concession would also be applicable for home loan customers for a loan amount of up to 3 crores in eight metro cities. An additional 5 bps concession for all home loans is given if applied through YONO.

SBI now offers interest rates starting as low as 6.90% for a home loan of up to 30 lakh and 7% for above 30 lakh.

According to the SBI press release issued on October 21, 20202, home loan customers would get an interest concession of 25 bps for buying a home of above Rs 75 lakh based on their CIBIL score and if they apply through the bank’s YONO platform. Late last month, the bank had already announced a 100 percent waiver in its processing fee for all customers applying for a car, gold, and personal loans through its YONO platform as part of its festive offer.

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Here is a look at what SBI has on offer for its retail customers:

  • Up to 20 bps interest concessions for loans above Rs 75 lakh based on CIBIL score
  • Concession in rates after RBI Monetary Policy announcement
  • Additional 5 bps concession for all home loans if applied through YONO
  • Customer to get credit score based concession up to 10 bps for loans above Rs 30 lakh to Rs 75 lakh
  • 5 bps additional interest concession to women home buyers
  • Interest rates start starting from 6.90 percent for home loans of up to RS. 30 lakh

CS Setty, MD, Retail and Digital Banking, SBI said “We are pleased to announce additional concessions for our prospective home loan customers this festive season. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to plan their dream house.”

“With the nation all geared up to the post-COVID era, we are witnessing increased customer demands and we at SBI will continue to offer lucrative benefits suiting needs and requirements of the customers,” said CS Setty, Managing Director (Retail & Digital Banking), SBI.

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. SBI commands nearly 34% market share in home loans and nearly 33% in the auto loans segment.

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