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Sunday 10 January 2021

Now it's easier to buy a home: SBI slashes home loan interest rates by 30 bps, waives processing fees

Now it's easier to buy a home: SBI slashes home loan interest rates by 30 bps, waives processing fees

The bank's new home loan interest rate is 6.80 per cent

However, Union Bank's home loan interest rates are already at this level

After SBI, other banks will also reduce interest rates on home loans

The country's largest bank (SBI) has given big gifts to home buyers. Home loan interest rates have been reduced by 30 basis points (bps) or 0.30 per cent. As a result, the bank's home loan interest rate has now come down to 6.80 per cent. Apart from this customers who apply for home loan through Yono application, will get additional 5bps concession. This concession on loan rates will be applicable till March 21.

Godrej Housing has the lowest interest rate at 6.69 per cent

Godrej Housing has an interest rate of 6.69 per cent. Union Bank's home loan interest rate has been 6.80 per cent for a long time. The SBI has cut its rates, forcing other banks to cut rates as well. The interest rate on home loans from the country's largest bank or NBFC is around 7 per cent. Private sector bank ICICI Bank's home loan interest rate is currently 6.95 per cent. HDFC's interest rate is 6.90 per cent.

Processing fee zero

SBI has given one more benefit to home buyers by reducing home loan rates. There will no longer be any processing fees on home purchase loans. That means you will save about one percent on your total loan. Processing fees usually range from 80 bps to one percent. On a loan of Rs 20 lakh, you have to pay a processing fee of Rs 18,000 to Rs 20,000.

The loan shall be sanctioned as a term loan. The minimum amount shall not be less than Rs.10.00 lacs and the maximum amount not more than Rs.500.00 lacs. The loan shall be repaid within the unexpired lease period/60 months whichever is less. EMI shall be worked out to recover Principal as well as interest.

Attractive concessions were offered

The bank said in a statement that this is an attractive concession offered on a home loan. The bank said a home loan of Rs 30 lakh would be charged at 6.80 per cent. On home loans above Rs 30 lakh, interest will be charged at 6.95 per cent. This interest rate is linked to the customer's CIBIL score. This concession in interest rates is applicable in 8 metros of the country. It will apply to any loan up to Rs 5 crore. The bank has given an additional concession of 5 bps for women. That is a discount of 35 bps.

અહીંથી વાંચો સંપુર્ણ ગુજરાતી રીપોર્ટ

Will excite home buyers

"We are confident that the move will encourage home buyers to make more decisions," said CS Shetty, MD of the bank. Their faith will grow. Even so, owning one is still beyond the reach of the average person. One is lower interest rates, the other is a Rs 2.67 lakh subsidy for the Prime Minister's Housing Scheme and a reduction in stamp duty registration rates in some states.

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