SBI Cuts Home Loan Interest Rates To 6.7%: Check All Benefits
NDTV
SBI Home Loan Latest Rates: The State Bank of India (SBI) has reduced home loan interest rates to 6.7 per cent amid the festive season to support home loan customers.
The State Bank of India (SBI) has reduced home loan interest rates to 6.7 per cent to support home loan customers so that home loans get more affordable amid the festive season. The country's largest lender is offering credit score linked home loans at 6.70 per cent - irrespective of the loan amount, according to a statement shared by the bank today.
Earlier, a borrower availing a loan greater than Rs. 75 lack, had to pay an interest rate of 7.15 per cent, but with the introduction of the festive season-related offers, a borrower can now avail a home loan for any amount at a rate of 6.70 per cent, said SBI in its statement.
The festive season's offer results in a saving of 45 basis points (bps) which translates to an interest saving of more than Rs. 8 lack, for a Rs. 75 lack loan with a tenure of 30 years. Also, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower.
The state-run bank has removed the distinction between a salaried and a non-salaried borrower. This means that now there is no occupation-linked interest premium being charged to the prospective home loan borrowers. This will lead to a further interest saving of 15 bps to the non-salaried borrowers.
