Notice to home buyers! SBI lowers mortgage interest rate to 6.7%
The SBI also said that existing customers can also apply for an additional interest concession of 5 basis points through the YONO app.
New Delhi | Jagran Business Office: Proving huge relief for clients amid the coronavirus crisis, the State Bank of India (SBI), the country’s largest public sector lender, slashed mortgage interest rates on Monday to “deliver better rate to customers who maintain a good repayment history “.
In a statement, the SBI said it would offer a 70 basis point interest concession with interest rates starting at 6.7%, adding that a 100% waiver will be granted on the fees. treatment. He noted, however, that the offer will run until March 31 only.
“SBI, as the market leader in real estate finance, supports strengthening consumer sentiment. Affordability for the consumer increases dramatically with current offerings as equal monthly payments will be reduced,” SBI said in a statement.
SBI mortgage interest rates are linked to the Credit Information Bureau (India) Limited (CIBIL) score. It starts from 6.70% for a loan between Rs 5 lakh and Rs 75 lakh and 6.75% for loans over Rs 75 lakh.
The State Bank noted that existing customers can also apply for an additional interest concession of 5 basis points through the YONO app. He added that a special concession of five basis points will also be granted to female customers on the eve of International Women’s Day.
“Our clients trust us completely because of our total transparency. Reduced interest rates are one of the best mortgage interest rates one could want,” said SBI DMD (Retail) Saloni Narayan in a statement.
The State Bank is India’s largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. Its mortgage portfolio recently crossed the Rs 5 lakh crore mark.
As of December 31, 2020, the bank had a deposit base of over Rs 35 lakh crore and advances of over Rs 26 lakh crore with a CASA (savings account to current account) ratio of around 45%.