State Bank of India has announced festive offers for home loans at 6.70 percent irrespective of loan amount.
State Bank of India, on September 16, launched a bouquet of festive offers for prospective home loan customers.
India’s largest lender said in a release that, in a first-of-its-kind initiative, it offers credit score linked home loans at just 6.70 percent, irrespective of the loan amount.
The offers are aimed to make home loans more affordable in the festive season, the bank said.
SBI has also waived off the processing fees completely. The bank has also removed the distinction between salaried borrower and and a non-salaried borrower.
Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers and this would lead to a further interest saving of 15 bps to non-salaried borrowers, the bank said.
C.S. Setty, Managing Director (Retail & Digital Banking), SBI said “This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower.”
Setty adds, “The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable.”
Kotak Mahindra Bank on September 9 had dropped the home loan rates to 6.50 percent for both fresh loans and balance transfers. Kotak Mahindra Bank is offering this special home loan rate for a limited period beginning 10 September and ending 8 November 2021.
