State Bank of India (SBI), the country’s largest lender, on Saturday slashed home loan rates to 7.5 per cent. The bank said women borrowers would also get a special 3 basis points relief.
According to the bank, the current home loan interest rate has seen a huge increase in consumer affordability. As the rate decreases, the amount of EMI (monthly installment) has come down significantly. After the rate cut, SBI home loan interest rates will start from 3.50% from now on. Rs. Loans up to Rs 50 lakh The rate of 2.50% will be applicable. While Rs. 20 lakh to Rs. Loans up to Rs 2 lakh will be charged at 7.5 per cent.
Rs. A big ticket loan of more than Rs 3 lakh will be subject to a home loan of 3.05 per cent, the bank said. Customers can apply for a loan from their home through the Yono app and get an additional 5 per cent interest concession, the bank said. Earlier, SBI had slashed its home loan rate to 7.5 per cent on March 31 as part of the festival season. Which was restored to free 7.5 per cent from April 1.
SBI is the largest bank in the country in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. The bank’s home loan portfolio is Rs. 5 lakh crore has been crossed. On 31st December 2020, the bank’s auto loan book was Rs. 4 thousand crore. While the bank’s deposit base is Rs. 3 lakh crore. While its advances are Rs. 3 lakh crore and its cash ratio was 7%. SBI has a 5 per cent market share in home loans and an 8 per cent market share in auto loans.
VR Sunil Gohil