SBI Home Loan Interest Rates at 30 bps Discount in 2021

09 Jan 2021 // 9 min read // #mmm news
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State Bank of India announces a yet another New Year Gift for Home Loan customers. The largest lender of the country has expanded the scope of concession on effective interest rate for housing loans.

According to SBI press release, the bank will now offer discount up to 0.30% or 30 bps on Home Loan Interest Rates in 8 metro cities for loans up to Rs 5 crore. The eligibility for this additional benefit will be assessed as per the loan amount and CIBIL score.

List of Cities to avail SBI’s Home Loan Interest Rate Concession

Top designated metro cities in India are:

Mumbai

Chennai

Delhi

Kolkata

Hyderabad

Bangalore,

Pune

Ahmedabad

The existing lowest SBI Home Loan Interest Rates are 6.80% for loan amount up to Rs 30 lakh and 6.95% for loan amount above Rs 30 lakh. Women applicants are qualified for further concession of 0.05% in the home loan interest rates.

Already SBI has been offering customers with 100% processing fee waiver, 0.05% concession on balance transfer and 0.05% discount on SBI Home Loan applied digitally i.e. through SBI YONO App or website applications.

3 ways to apply for home loan contactlessly and thereby enjoying additional interest concession of 0.05% are:

Customers can also apply for top up and balance transfer through these mediums.

The current announcements will yield more saving for customers. The higher interest concession is offered based on property location and customer’s creditworthiness. These benefits are extended up to March 2021 said CS Setty, MD (Retail & Digital Banking), SBI.

Without a further adieu, if you have been waiting to buy your dream home, this is the right time. Whilst the prices of property are low, you favourite lenders are pouring unreliable discounts all along. So make a home buying decision with grace & confidence!!