State Bank of India announces up to 30 bps concession on home loans rates

State Bank of India on Friday announced an interest concession of up to 30 basis points on home loans and a 100 per cent waiver on processing fees.

The new home loan interest rates are linked to CIBIL score and start from 6.80 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans above Rs 30 lakh, a bank release said.

Women borrowers will get a concession of 5 bps, it said.

"With an aim to offer attractive concessions to the home buyers, country's largest lender SBI announces further interest concession of up to 30 bps on home loans and 100 per cent waiver on processing fees," the release said.

The bank said interest concession of up to 30 bps is also available in eight metro cities for loans up to Rs 5 crore.

Customers can also apply from the ease of their home via YONO App and get additional interest concession of 5 bps, the release said.

"We are pleased to improve our concessions to prospective home loan customers up to March 2021," the bank's managing director (retail and digital banking), C S Setty, said.

The lender's eligible existing home loan borrowers can also avail a paperless pre-approved top-up home loan through the YONO App, he added.