On the occasion of International Women’s Day, the State Bank of India (SBI) is offering a further reduction in interest on mortgage rates to female borrowers. “On Women’s Day, we make it special with an additional 5 basis points * concession to female borrowers and interest starting at 6.70% *,” the country’s top lender said in a tweet.
On March 1, the SBI lowered the interest rate on mortgage loans. The Bank now offers an interest concession of up to 70 basis points (bps) with interest rates starting at 6.70%. This is a limited time offer ending March 31st. The lender also grants a 100% waiver on the processing fee. The interest reduction is based on the loan amount and the borrower’s CIBIL score. SBI believes it is important to offer better rates to customers who maintain a good repayment history. SBI provides a multitude of various home loans for clients.
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SBI mortgage interest rates are linked to the CIBIL score and start from 6.70% for loans up to ??75 lakh and 6.75% for the above loans ??75 lakh.
Customers can also apply from the comfort of their home through the YONO app to get an additional 5 basis point interest reduction.
In February 2021, SBI takes a new step by crossing the ??5,000 billion dollars (5 lakh crore) in its mortgage lending business. The bank has set itself the objective of achieving an outstanding mortgage loan of ??7 trillion by fiscal year 2024.
Other lenders like ICICI Bank, Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank have also reduced the interest rate on the house ready.
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