State Bank of India (SBI) on Friday announced 100 per cent waiver on processing fee for home loans and interest rate concession based on CIBIL score.
The country’s largest lender has sweetened the offer by providing higher interest concession based on loan amount, the creditworthiness of the borrowers and the location of the property.
“SBI Home loan interest rates are linked to CIBIL score and start from 6.80% for loans up to Rs. 30 lakh and 6.95% for loans above Rs. 30 lakhs,” the country’s largest lender said. Interest concessions up to 30 bps is also available in 8 metro cities for loans up to Rs 5 crore, it added.
The bank also said women borrowers will get a concession of another 5 bps. (100 bps = 1 percentage points).
In addition, there is a similar concession (5 bps) available on balance transfer. “Digital sourcing attracts further concession of 5bps,” SBI said.
Shares of SBI on Friday closed down 0.61% at Rs 286 on the Bombay Stock Exchange.
“SBI, being a leader in home finance, will continue to make endeavours in reviving consumer sentiments and has been offering various offers on home loans from time to time,” the lender said.
CS Setty, MD (Retail & Digital Banking), SBI said “We are pleased to improve our concessions to prospective home loan customers upto March’21. With SBI’s lowest interest on home loans, we believe this move will facilitate and encourage home buyers to take the home buying decision with confidence.”