SBI cuts home loan interest rate to 6.70%

Mumbai: State Bank of India (SBI) Saturday said it has reduced the home loan interest rate to 6.70 percent.

The lender said home loan interest rates are now starting from 6.70 percent for loans up to Rs 30 lakh and 6.95 percent for loans above Rs 30 lakh to Rs 75 lakh. The interest rate on home loans above Rs 75 lakh is 7.05 percent, the bank said in a release.

”The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI (equated monthly installment) amounts substantially,” its managing director (retail and digital banking) C S Setty said.

To women borrowers, the bank is offering a special five basis points (bps) concession on home loan interest rates.

Customers also apply for a loan through YONO app and get an additional interest concession of 5 basis points, the release said. The bank was offering home loans at an interest rate starting from 6.70 percent till March 31, 2021. From April 1, 2021, it restored the original interest rates starting from 6.95 percent.

The lender commands over 34 percent market share in home loans. Its home loan portfolio has crossed the milestone of Rs 5 lakh crore.