SBI Home Loan Festival BONANZA! No distinction between salaried and non-salaried borrowers - Things homebuyers MUST KNOW

ZeeBiz WebTeam | Sep 16, 2021, 04:45 PM IST

SBI Festival Home Loan Interest Rate: The festive season has gotten just better for the home buyers as the State Bank of India (SBI) has launched a bouquet of festive offers for prospective home loan customers. The main objective of SBI behind these offers is to make home loans more affordable for the buyers in the festive season.

 

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SBI Home Loans: 6.7 per cent interest

SBI Home Loans: 6.7 per cent interest

Earlier a borrower availing a loan greater than Rs. 75lakh, had to pay an interest rate of 7.15 per cent. However, with the introduction of festive offers from the largest public sector lender in the country, a borrower can now avail home loan for any amount at a rate as low as 6.70 per cent. Source: PTI

 

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Save more than Rs 8 lakh with this offer

Save more than Rs 8 lakh with this offer

It has to be noted that the offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs. 8 lakh, for a Rs. 75 lakh loan with a 30-year tenure. Source: PTI

 

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No distinction between salaried and non-salaried borrower

No distinction between salaried and non-salaried borrower

SBI has removed the distinction between salaried and non-salaried borrowers with the home loan offers this festive season. the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower. Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers. Source: Reuters

 

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No processing fees and credit score-based interest concession

No processing fees and credit score-based interest concession

Furthermore, the largest public sector lender has waived off the processing fees and offers attractive interest concession based on the credit score of the borrower. Source: PTI and sbi.co.in

 

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6.7 per cent home loan applicable for balance transfer cases as well

6.7 per cent home loan applicable for balance transfer cases as well

C.S. Setty, Managing Director (Retail & Digital Banking), SBI, said, "The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable." Source: PTI