SBI reduces home loan interest rates

The country’s largest lender, State Bank of India (SBI), announced on Saturday that it has reduced its home loan interest rates. Home loan interest rates will start from 6.7% onwards, with effect from May 1, 2021.

According to a press release issued by the bank, home loan interest rates will start from 6.7% for loans up to Rs 30 lakh and 6.95% for loans above Rs 30 lakh and up to 75 lakh. The big-ticket loans above Rs 75 lakh would get home loans at 7.05%.

Further, women will get a special 5 bps concession. “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,” the release stated.

Early in April, SBI had revised its home loan rates to start from from 6.95%, effective April 1. This was after the PSU bank had announced a special offer valid till March 31, wherein home loans were available starting from 6.7%.