SBI cuts home loan interest rate to 6.7 per cent

The lender says home loan interest rates are now starting from 6.7 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans from Rs 30 lakh to Rs 75 lakh

SBI cuts home loan interest rate to 6.7 per cent

Photo for representation only

Mumbai, May 1

The State Bank of India (SBI) on Saturday said it had reduced home loan interest rate to 6.7 per cent.

The lender said home loan interest rates are now starting from 6.7 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans from Rs 30 lakh to Rs 75 lakh.

The interest rate on home loans above Rs 75 lakh is 7.05 per cent, the bank said in a release.

"The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI (equated monthly instalment) amounts substantially," its managing director (retail and digital banking) CS Setty said.

To women borrowers, the bank is offering a special five basis points (bps) concession on home loan interest rates.

Customers also apply for a loan through YONO app and get an additional interest concession of 5 basis points, the release said.

The bank was offering home loans at an interest rate starting from 6.7 per cent till March 31. From April 1, it restored the original interest rates starting from 6.95 per cent.

The lender commands over 34 per cent market share in home loans. Its home loan portfolio has crossed the milestone of Rs 5 lakh crore. PTI

Top Stories

200 missing at sea as barge hit by Cyclone Tauktae goes down off Mumbai coast

200 missing at sea as barge hit by Cyclone Tauktae goes down off Mumbai coast

The Naval warship INS Kochi and offshore support vessel Ener...

Cyclone Tauktae makes landfall on Gujarat coast; Diu records 133 kmph wind speed

Cyclone Tauktae makes landfall on Gujarat coast; Diu records 133 kmph wind speed

Six dead in Maharashtra, Gujarat govt shifts over 1.5 lakh p...

India drops plasma therapy from Covid-19 management guidelines

India drops plasma therapy from Covid-19 management guidelines

It was found not beneficial in reducing progression to sever...

Haridwar private hospital 'hides' 65 COVID patients' deaths from authorities, probe on

Haridwar private hospital 'hides' 65 COVID patients' deaths from authorities, probe on

Offer excuses like shortage of staff for not being able to p...

India new Covid cases dip below 3 lakh; deaths 4,106

India new Covid cases dip below 3 lakh; deaths 4,106

2,81,386 new infections reported, the lowest in 27 days

Cities

View All