SBI, the largest public sector bank in India is one of the top choices for home loans. With an objective to attract more home loan buyers, SBI now offers concessions on home loans. The State Bank of India (SBI) announced an interest concession of a maximum of 30 bps on home loans and a 100% waiver on processing fees at the start of 2021.

The bank is known to be a market leader in the home finance segment. It continues to take various measures to revive consumer sentiments by frequently announcing various offers on home loans.

Does SBI offer concession on home loan interest rates?

SBI now provides a higher interest rate concession depending on the home loan amount applied for, the borrower’s creditworthiness and the property location. SBI focuses on offering better interest rates specifically to customers who have a good repayment track record.

SBI Home loan interest rates are based on credit score. The rates generally begin from 6.8% for loans of maximum Rs. 30 lakhs and 6.95% for loans beyond Rs. 30 lakhs. The bank offers interest rate concessions of up to 30 bps across 8 metro cities for loans of a maximum of Rs. 5 crores.

SBI offers ease of home loan application via its YONO App. Customers can also apply using the bank’s website and avail of additional interest concession of 5 bps. For women borrowers, there is a concession of 5 bps on home loan interest rates. Additionally, there is also a 5-bps concession available on balance transfer.

What are the benefits of an SBI home loan?

Some of the main benefits offered by SBI home loan are:

  • SBI home loans are available for both salaried and self-employed.
  • Special rates are offered for women customers.
  • Property for purchase will be taken as a mortgage of property.
  • The loan-to-value ratio can be up to 90%.
  • Tenure of loan can range from 5 years to 30 years.
  • Interest rates range from 6.80% p.a. to 7.50% p.a. 

Before applying for a home loan, customers must check the ongoing interest rates and concession offers to ensure maximum benefits.