State Bank of India (SBI), has launched a bouquet of festive offers for home loan customers. The offers are aimed to make home loans more affordable in the festive season. In a first-of-its-kind initiative, SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount.
Earlier a borrower availing of a loan greater than ₹75 lakh, had to pay an interest rate of 7.15%. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70%. The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs. 8 lakh, for a ₹75 lakh loan with a 30-year tenure.
Further, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower. Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers.
To welcome the festivities and boost the market sentiments, the lender has waived off the processing fees completely and offers attractive interest concession based on the credit score of the borrower.
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