May 14, 2021

Housing Loan Interest Rate Contracts- SBI

State Bank of India (SBI), the largest public sector lender in a row on rate cuts announced that it has contracted its housing loan rate of interest further. Housing loan will now be disbursed at a rate of interests starting from 6.7% onwards, effective from 1st of May, this FY 2021.

Earlier this April also, the lender in a bid to infuse liquidity in the realty sector, SBI had levied cuts on housing loan interest rates i.e. 6.95% onwards based on slabs, effective 1st of April.

As per a press release issued by the lender, a housing loan up to Rs 30 lac will be disbursed at an interest rate of 6.7%, at 6.95% for loans above Rs 30 lakh and upto Rs 75 lac. While if one need to apply for a loan of Rs 75 lacs and above then the reduced interest rates will be 7.05% per annum.

Furthermore, providing relaxations to women, the lender has decided to provide concession of special 5 base points system (bps). Customers in need can also apply for a quick loan via access to YONO App. Applying for a loan through the YONO phone banking app will provide customers with an additional concession of 5 bps on interest rates.

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