SBI reduces Home Loan Interest Rates to 6.70%

by Suman Gupta

• Home Loan Interest rates are now starting as low as 6.70% for loans up to Rs. 30 lacs and 6.95% for loans above Rs. 30 lacs to Rs. 75 lacs. Home Loans above Rs. 75 lacs get highly attractive interest rates of 7.05%

• Women borrowers to get a special concession of 5 bps

• To enhance customer experience through the YONO app, a 5 bps concession is being offered as a digital incentive to our home loan customers

Mumbai – May 1, 2021:  The country’s largest lender,  State Bank of India (SBI) is now offering exclusive interest rates on Home Loans starting from 6.70% onwards.  SBI always believes in extending the enabling support for improving the affordability of prospective home loan customers.

C S Setty, MD (Retail & Digital Banking) said, “SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too”.

SBI Home loan interest rates are now very attractive, starting from 6.70% for loans up to Rs. 30 lacs and 6.95% for loans above Rs. 30 lacs and up to 75 lakh. The big-ticket loans above Rs. 75 lacs would get home loans at 7.05%.

As we are committed to empowering the women borrower, a special 5 bps concession is being made available to them. Customers can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 bps.

About State Bank of India:State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. The bank has auto loan book of Rs. 75,937 crore, as on December 31, 2020, the bank has a deposit base of over Rs. 35 lakh crore and advances of more than Rs. 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment. The Bank has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively. The integrated digital and lifestyle platform by SBI – YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day. Accelerating the digital agenda, SBI has opened over 1.5 million accounts through YONO in the quarter ended December 2020 with nearly 91% of YONO eligible savings bank customers migrated on YONO. In terms of digital lending, bank disbursed pre-approved personal loan (PAPL) worth Rs. 5300 crore via YONO in the same quarter. YONO is also a global name having tasted its success in international markets as well. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.