The State Bank of India (SBI), country’s largest lender, on Monday announced an interest concession of up to 70 basis points (bps) with interest rates starting from 6.70 percent onwards for home loan borrowers. This offer, however, will be available only till March 31, the bank mentioned.The lender is also giving a 100 percent waiver on processing fees. The interest concession, the bank said, is based on the loan amount and CIBIL score of the borrower. "SBI believes that it is important to extend better rates to customers who maintain good repayment history. SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments.
The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced," it added. SBI home loan interest rates are linked to CIBIL score and start from 6.70 percent for loans up to Rs 75 lakh and 6.75 percent for loans above Rs 75 lakh. Customers can also apply for loans via SBI's YONO App to get additional interest concession of 5 bps. State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs 5 lakh crore. As of 31 December 2020, the bank has a deposit base of over Rs 35 lakh crore and advances of more than Rs 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment.