SBI cuts home loan interest rate, announces many more concessions

The bank has said that this concessional rate will remain only till March 31, 2021. Apart from this, the bank has also announced a waiver of 100 per cent processing fees by 31 March.

State Bank of India has announced a concession of up to 0.1 per cent in home loans based on the CIBIL score. With this, SBI’s home loan has become a minimum interest rate of 6.70.

No processing fees

The bank has said that this concessional rate will remain only till March 31, 2021. Apart from this, the bank has also announced to waive 100 percent processing fee by March 31, that is, by March end, the home loan borrower will not have to pay any processing fee.

Who will get the discounted rate

The bank said that this concessional rate will be given only to those whose score in CIBIL will be good. The bank has linked its interest rate concession to the CIBIL score.

The bank said in a statement, ‘SBI believes that customers with good payment history should provide better rates. SBI continues to be the market leader in home finance. With the current offer, it will become very economical for customers to take loans, as the EMI will decrease.

It will be rate

So now, according to CIBIL score, SBI customers will have to pay the lowest 6.7 percent interest on home loans up to Rs 75 lakh. Similarly, the cheapest rate for houses above Rs 75 lakh will be 6.75 percent.

Not only this, customers who apply from SBI’s YONO App will also get 5 basis points i.e. .05 percent additional concession.