SBI reduces interest rates of home loan to 6.70%

State Bank of India has cut down the minimum interest rate at which it will now offer home loans from 6.80% to 6.70%. It is effective for a limited period of time, up to March 31, 2021.

As per the official statement given by SBI, home loan interest rates start at 6.70% for loans up to Rs. 75 lakh and 6.75% for loans in the range of Rs. 75 lakh to Rs. 5 crore. The lender is continuing with 100% waiver on processing fees.

“Overall, it is offering concession of up to 70 basis points based on loan amount and credit score. This also includes a concession of 5 basis points each for women borrowers and digital sourcing through the YONO app”, the bank added. The Deputy Managing Director (Retail Business), SBI, Saloni Narayan stated that this reduced interest rates are one of the best rates in home loans.