State Bank of India (SBI), the country’s largest lender, reported on Saturday that it had cut its mortgage interest rates. As of May 1, 2021, interest rates for home loans will start at 6.7 percent.
According to the bank’s press release, home loan interest rates would start at 6.7 percent for loans up to Rs 30 lakh and 6.95 percent for loans above Rs 30 lakh and up to Rs 75 lakh. Home loans over Rs 75 lakh are said to have an interest rate of 7.05 percent.
A special discount of 5 basis points will be made available to female borrowers. Customers can also apply for a loan from the comfort of their home via the YONO app, earning them a 5 basis point interest rate cut, according to SBI.
SBI updated home loan rates to 6.95 percent on April 1, effective as of that date. This came after the PSU bank announced a special offer valid until March 31 and included home loans starting at 6.7 percent. Go to https://homeloans.sbi/calculators to calculate your SBI home loan EMI.
In terms of assets, deposits, branches, customers and employees, SBI is the largest commercial bank. It also claims to be the largest mortgage lender in the country.
The bank’s home loan portfolio has surpassed Rs. 5 lakh crore mark. On December 31, 2020, the bank had a car loan book of Rs. 75,937 crore, a deposit base of over Rs. 35 lakh crore, and advances in excess of Rs. 26 lakh crore, with a CASA ratio of about 45 percent.GoodReturns.in
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