SBI reduces home loan interest rates to 6.7%

SBI home loan interest rates start from 6.7% for loans up to Rs 75 lakh and 6.75% above Rs 75 lakh; the lender is also offering 100% waiver on processing fees

The State Bank of India on Monday lowered its interest rates on home loans to 6.70 per cent and waived off processing fees saying that "it is important to extend  better rates to customers who maintain good repayment history." 

SBI Home loan interest rates are linked to CIBIL score and start from 6.70% for loans upto Rs 75 lakh and 6.75% for loans above Rs 75 lakhs. While the lender is also offering interest concession of upto 70 bps,women borrowers will get additional concession of 5 bps.

"SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely  with the present offerings as the EMI will be reduced," it said in a statement. 

“Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in Home Loans anyone can wish for,” Saloni Narayan, DMD (Retail Business), SBI said. 

SBI stocks were up 4.45 points to Rs 394.80 at the time of filing this report with a jump of 1.17 per cent from the previous day of trading.