State Bank of India (SBI) has reduced the interest rates on Home Loans to 6.70 percent. The step has been taken to support and improve the affordability of prospective home loan customers.

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After the reduction, the home loan interest rates of the country’s largest lender starts from 6.70 percent for loans upto Rs 30 lakh and 6.95 percent for loans above Rs 30 lakh and upto 75 lakh. While the big-ticket loans above Rs 75 lakh would get home loans at 7.05 percent.

 

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A special 5 bps concession is also being made available to women borrowers in order to empower them.

Keeping in mind the rapid spread of the coronavirus in the nation, the bank has allowed the customers to apply for a loan from the ease of their home via the YONO App. Customers will get an additional interest concession of 5 bps on doing so.

C S Setty, MD (Retail and Digital Banking) 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."

He added that he is sure these measures will give a fillip to the real estate industry too.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country.

The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore and the bank also commands over 34 percent market share in the home loans segment.