SBI cuts home loan interest rates to 6.70%

The State Bank of India has recently reduced its interest rates on home loans from 6.95% to 6.70%, and women borrowers are eligible to receive a special concession of five basis points.

SBI, in a recently released statement said that the customers can also apply for a loan easily while sitting at home, through the bank’s official YONO mobile app, in order to earn an additional interest concession of five basis points.

With the latest reduction, SBI’s home loan interest rates now starts from 6.7% for loans up to Rs. 30 lakh and 6.95% for loans between Rs. 30 lakh and Rs. 75 lakh. The loans above Rs. 75 lakh mark will be charged interest at 7.05%.

C S Setty, Managing Director for retail and digital banking, SBI, said, “The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially.”