India's leading public sector bank, State Bank of India (SBI) on Thursday, 16 September, announced various festive offers for prospective home loan customers to make home loans more affordable. The bank announced that it will offer credit score-linked home loans at just 6.70 percent interest rate, irrespective of the loan amount.
Earlier, home loan customers availing a loan of more than Rs 75 lakh had to pay an interest rate of 7.15 percent. However, with the new offer, borrowers can now avail home loan for any amount at a rate as low as 6.70 percent.
Furthermore, SBI has removed the distinction between a salaried and a non-salaried borrower. Earlier, the interest rate for non-salaried home loan borrowers was 15 bps higher than the rate of interest applicable to salaried borrowers.
The bank further stated that now, there is no occupation-linked interest premium being charged to prospective home loan borrowers, which will lead to a further interest saving of 15 bps to non-salaried borrowers.
"Generally, the concessional interest rates are applicable for a loan up to a certain limit and are also linked to the profession of the borrower. This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower,” said CS Setty, Managing Director (Retail & Digital Banking), SBI.