In a release, State Bank of India has announced a concession of up to 30 basis points on its home loan rates for borrowers of up to 50 mln rupees, in eight metro cities. The state-owned lender will also offer a concession of 5 bps to women borrowers and for digital loan applications. Customers can apply for home loans through the bank's mobile application 'YONO', 'homeloans.sbi' website, or 'sbiloansin59minutes.com' website for this additional digital loan concession.

SBI has also waived processing fee, and will offer a concession of up to 5 bps also on balance transfers, the release said. "We are pleased to improve our concessions to prospective home loan customers up to March 2021. With SBI's lowest interest on home loans...(we) would continue to support the home buyers and the real estate sector.

Further, our eligible existing home loan borrowers can also avail a paperless pre-approved top-up home loan through the YONO App in just a few clicks," said C.S. Setty, the managing director and the head of retail and digital banking. SBI home loan rates are linked to borrowers' credit worthiness, the loan amount and the location of the property, and start from 6.80% for loans up to 3 mln rupees, and 6.95% for loans above that.

Shares of SBI ended 0.6% lower on Friday at 286 per share on the NSE.

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