SBI cuts home loan interest rate to 6.7 per cent

Mumbai, May 1

The State Bank of India (SBI) on Saturday said it had reduced home loan interest rate to 6.7 per cent.

The lender said home loan interest rates are now starting from 6.7 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans from Rs 30 lakh to Rs 75 lakh.

The interest rate on home loans above Rs 75 lakh is 7.05 per cent, the bank said in a release.

"The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI (equated monthly instalment) amounts substantially," its managing director (retail and digital banking) CS Setty said.

To women borrowers, the bank is offering a special five basis points (bps) concession on home loan interest rates.

Customers also apply for a loan through YONO app and get an additional interest concession of 5 basis points, the release said.

The bank was offering home loans at an interest rate starting from 6.7 per cent till March 31. From April 1, it restored the original interest rates starting from 6.95 per cent.

The lender commands over 34 per cent market share in home loans. Its home loan portfolio has crossed the milestone of Rs 5 lakh crore. PTI