With the introduction of festive offers, a borrower can now avail a home loan for any amount at a minimum rate of 6.70%. The 6.70% home loan offer is also applicable on balance transfer cases.
The offer results in a saving of 45 bps which is Rs. 8 lakh Rs. 75 lakh loan with a tenure of 30 years, State Bank Of India said.
SBI has removed this distinction between salaried and non-salaried borrower. Now, no business-linked interest premium is being charged from potential home loan borrowers. This will result in further interest savings of 15 bps to non-salaried borrowers.
CS Setty, Managing Director (Retail & Digital Banking) said, “The concessional interest rates are applicable for loans up to a certain limit and are also linked to the profession of the borrower.” “This time around, we have made the offers more inclusive and the offers are available to all classes of borrowers, irrespective of the loan amount and profession of the borrower.”
The lender has also waived off the processing fee on the home loan.
“We believe zero processing fee and concessional interest rates will make home ownership more affordable during the festive season,” said Setty.