Mumbai: Bank State of India (SBI) has cut interest rates on house loans above Rs 75 lakh by 45 basis points (100bps = 1 percentage point) and also reduces interest rates for borrowers who are not paid as part of their festive offers.
The bank said that it would offer home loans related to credit scores only at 6.7%, regardless of the loan amount.
Previously, the best rates for borrowers who utilize loans greater than Rs 75 lakh are 7.15% with a discount of 5bps for loans with a female borrower.
With the introduction of festive offers, borrowers can now take advantage of a home loan with any amount at the level as low as 6.7%.
Offer produces a savings of 45bps.
This translated into interest savings of more than Rs 8 lakh for 75-lakh RS loans with a 30-year term of office.
Before this offer, the bank interest rate for loans with at least one female borrower was 6.75% for loans of up to RS 30 Lakh and 7% for loans to 75 lakh rs.
The bank has also submitted interest rates between borrowers who are paid and not paid if they have the same credit score.
Previously, the borrower who was not paid in paying 15bps was higher than interest rates that apply to salary borrowers.
As part of a lively offer, the bank has submitted processing fees.
SBI MD (Retail & Digital Banking) CS Setty said, “6.7% home loan offer also applies to balancing the transfer case.
We believe the cost of processing zero and interest rates concession in the celebration season will make ownership at home more affordable.” Last week , Box Mahindra Bank said that it would offer a home loan of 6.5% to 8 November for borrowers with a high credit score.
Private banks say that it will offer this tariff on the transfer of balance too.