SBI reduces home loan rates to 6.70%

Mumbai: The State Bank of India, the country's largest lender, said on Monday that it has lowered interest rates on mortgages by as much as 10 basis points and is offering loans starting at 6.70 percent. The new rates are based on the loan amount and the borrower's CIBIL score, and are available until March 31, 2021, according to a statement. The bank said that the interest rates on home loans would start from 6.70 percent for loans up to 75,000 rupees and 6.75 percent for loans in the range of 75,000 to 5 crores. “We want to benefit from the holiday season, especially the Holi festival,” said Saloni Narayan, Deputy General Manager of the bank (Retail). “With this being the last month of the year, we are seeing a large number.” The lender also awards a 100 percent waiver of processing fees. The bank said customers can also apply for home loans using the Yono app to earn an additional 5 basis points as an interest grant It also offers a special privilege of 5 base points for borrowers on the eve of International Women's Day. Narayan said the bank does not see many challenges in terms of repayment in the mortgage loan sector. “We are aware of the tensions that arise and are reaching customers. "We are taking various steps inside and outside the bank and are also providing options to borrowers on how to pay off the loans. We are watching closely, and I don't see many challenges at the moment," he said. Last month, Dinesh Kharra, the bank’s president, said the lender’s total delinquent assets in the mortgage loan sector ranged between 0.67 and 0.68 percent. Also Read: Why a hike in house tax now, say residents in Dehradun