Festive bargain: the SBI announces real estate loans at 6.70% regardless of the amount of the loan

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MUMBAI: The country’s largest lender on Thursday launched a festive home loan program where borrowers can qualify for 6.70% loans regardless of the loan amount. Previously, a borrower with a loan greater than Rs. 75 lakh, had to pay an interest rate of 7.15%.

With the introduction of festive offers, a borrower can now qualify for a home loan for any amount at a rate as low as 6.70%. The 6.70% mortgage offer is also applicable to cases of balance transfer.

The offer translates into a saving of 45 basis points, which translates into a huge interest savings of over Rs. 8 lakh, for a Rs. 75-lake loan with a term of 30 years, said the SBI.

SBI has removed this distinction between a salaried borrower and a non-salaried borrower. From now on, no interest premium linked to occupancy is charged to potential borrowers of mortgage loans. This would lead to a new interest saving of 15 basis points for non-salaried borrowers.

“Concessional interest rates are applicable for a loan up to a certain limit and are also tied to the profession of the borrower,” said CS Setty, Managing Director (Retail & Digital Banking). “This time, we have made the offers more inclusive and the offers are accessible to all segments of borrowers regardless of the amount of the loan and the profession of the borrower.”

The lender has also waived processing fees on home loans.

“We believe zero processing fees and concessional interest rates during the holiday season will make homeownership more affordable,” said Setty.


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