State Bank of India (SBI) on Saturday announced that it has slashed its home loan interest rates. Now, customers can get home loans at an interest rate starting from 6.7% per annum for loans up to Rs 30 lakh. For loans above Rs 30 lakh to Rs 75 lakh, the interest rate is fixed at 6.95%. Those who apply for home loans above Rs 75 lakh, will get a interest rate of 7.05%, the bank mentioned. The new rates will be effective from May 1, India’s largest lender said.
Further, women borrower are eligible for a special concession of 5 bps on home loan interest rates. Individuals applying a home loan via the YONO App will receive an additional interest concession of 5 bps, the bank mentioned.
This move aims to to improve the affordability of prospective home loan customers, State Bank of India 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,” said C S Setty, managing director (Retail & Digital Banking).
“I am sure these measures will give a fillip to the real estate industry too,” he further mentioned.
In April, SBI had revised its home loan rates, starting from 6.95%. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. It is the largest mortgage lender in the country. SBI commands over 34% market share in home loans, the lender said.
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