SBI cuts interest rates on home loans
The Hindu
State Bank of India (SBI) said it will provide credit score-linked home loans at 6.70%, irrespective of the loan amount, to home buyers during the festive season.Earlier, a borrower availing a loan gr
State Bank of India (SBI) said it will provide credit score-linked home loans at 6.70%, irrespective of the loan amount, to home buyers during the festive season.
Earlier, a borrower availing a loan greater than ₹75 lakh had to pay interest at 7.15%. “With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70%. The offer results in a saving of 45 bps (basis points) which translates into a huge interest saving of more than ₹8 lakh, for a ₹75-lakh loan with a 30-year tenure,” SBI said in a statement.
Further, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower.
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