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SBI cuts interest rates on home loans by 30 bps, processing fees waived completely

SBI cuts interest rates on home loans by 30 bps, processing fees waived completely
  • The bank's new home loan interest rate is 6.80 per cent
  • However, Union Bank's home loan interest rates are already at this level
  • After SBI, other banks will also reduce interest rates on home loans
The country's largest bank (SBI) has given big gifts to home buyers. Home loan interest rates have been reduced by 30 basis points (bps) or 0.30 per cent. As a result, the bank's home loan interest rate has now come down to 6.80 per cent. Apart from this customers who apply for home loan through Yono application, https://homeloans.sbi/www.sbiloansin59minutes.com will get additional 5bps concession. This concession on loan rates will be applicable till March 21.

Godrej Housing has the lowest interest rate at 6.69 per cent

Godrej Housing has an interest rate of 6.69 per cent. Union Bank's home loan interest rate has been 6.80 per cent for a long time. The SBI has cut its rates, forcing other banks to cut rates as well. The interest rate on home loans from the country's largest bank or NBFC is around 7 per cent. Private sector bank ICICI Bank's home loan interest rate is currently 6.95 per cent. HDFC's interest rate is 6.90 per cent.

Processing fee zero

SBI has given one more benefit to home buyers by reducing home loan rates. There will no longer be any processing fees on home purchase loans. That means you will save about one percent on your total loan. Processing fees usually range from 80 bps to one percent. On a loan of Rs 20 lakh, you have to pay a processing fee of Rs 18,000 to Rs 20,000.

Attractive concessions were offered

The bank said in a statement that this is an attractive concession offered on a home loan. The bank said a home loan of Rs 30 lakh would be charged at 6.80 per cent. On home loans above Rs 30 lakh, interest will be charged at 6.95 per cent. This interest rate is linked to the customer's CIBIL score. This concession in interest rates is applicable in 8 metros of the country. It will apply to any loan up to Rs 5 crore. The bank has given an additional concession of 5 bps for women. That is a discount of 35 bps.

Will excite home buyers

"We are confident that the move will encourage home buyers to make more decisions," said CS Shetty, MD, Bank. Their faith will grow. Even so, owning one is still beyond the reach of the average person. One is low interest rates, the other is a Rs 2.67 lakh subsidy for the Prime Minister's Housing Scheme and a reduction in stamp duty registration rates in some states.

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