New Delhi, Business Desk. The country’s largest bank State Bank of India (SBI) has announced special offers on home loans. The bank said that those applying for a home loan at SBI will get three additional benefits. These are zero processing fee, 0.30% interest rebate to customers with a higher CIBIL score for a home loan of more than 30 lakhs and less than one crore and an additional discount of 0.05% on customer applying from SBI Yono app. In this way, SBI is giving three additional benefits to customers on home loans.
Significantly, the interest rates on home loans have come down to a decade low after the Reserve Bank of India brought down the repo rate to 4 percent due to the outbreak of Corona virus epidemic.
All new home loans in SBI are linked to external benchmark, which currently stands at 6.65 percent. SBI’s EBR is linked to the repo rate. Currently, the interest rate on home loans in SBI ranges between 6.95 per cent to 7.45 per cent for salaried customers and 7.10 to 7.60 per cent for self employed customers.
SBI has given the information of the offer on the home loan to the customers by tweeting. There is also a video in this tweet, which describes in turn the three benefits.
Waiver of processing fees also saves the borrowers up to 0.40 percent of the loan amount. According to experts, currently home loan customers of banks with MCLR or BPLR linked rates have a good chance to transfer their loan to banks offering home loans at repo-linked rate.