State Bank of India cuts home loan rates to 6.70 percent during festive season

With a view on the coming festive season, the leading public sector bank State Bank of India will provide home loans to its customers at concessional interest rates. The country's largest lender announced various festive offers for prospective home loan customers, including a credit score-linked home loans starting at 6.70 percent, irrespective of the loan amount.

Earlier a borrower availing a home loan above Rs 75 lakh, had to pay an interest rate of 7.15 percent. With the introduction of the new offer, a borrower can now avail home loan for any amount at a rate as low as 6.70 percent, the bank said. This will result in a saving of 45 basis points (bps) which translates to a interest saving of more than Rs 8 lakh, for a Rs 75 lakh loan with a 30-year tenure, it said.Further, the rate of interest applicable for a nonsalaried home borrower was 15 bps higher than the interest rate applicable to a salaried borrower.

The lender has removed this distinction between a salaried and a non-salaried borrower. Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers, it said adding that this would lead to a further interest saving of 15 bps to non-salaried borrowers, the release said. The 6.70 percent home loan offer is also applicable to balance transfer cases, he said. The lender said it has waived off the processing fees. Setty said zero processing fees and concessional interest rates in the festive season will make homeownership more affordable.

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