The State Bank of India has come forward with very good news for its potential and current customers. They have decided to offer concessions for their borrowers on home loans up to 70 bps with the rates starting from 6.70 percent. But the offer is limited only up to the end of this month that is 31st of March,2021. SBI is currently the country’s largest lender. They are planning on giving a 100 percent waiver on processing fees under this offer till the said period. They think it is necessary to provide a better rate to their borrowers or customers who have a good repayment track record. This would keep them loyal and encourage them to make timely repayments even in the future.
SBI is also one of the top banks in the market of Home Finance. Catering to consumer sentiments is a requirement when you hold such a position in the market. They say that with this offering, there would be an improvement in consumer affordability as it would play a big part in bringing down EMI for the borrowers. The SBI home loan interest rates begin from 6.70 percent for loans up to Rupees 75 Lakh and 6.75 percent for those that go beyond Rupees 75 Lakh. Along with all these benefits, consumers are also given the benefit of ease of access. The customers will be allowed to apply from the ease of their own homes with the help of the YONO App which would give them an additional concession of 5bs. On the eve of International Women’s Day, a 5-bps special concession would be given to all women who borrow from them.
Saloni Narayan, DMD of Retail Business, SBI revealed that they believe the borrowers trust them because of their total transparency in operations. That is the very reason they are ready to provide the best interest rates in the home loan department that anyone would provide for.