SBI announces Festive Bonanza for Home Buyers: The country’s largest lender as well as Home Loan Provider, State Bank of India (SBI), has launched a bouquet of festive offers for prospective home loan customers.
The offers are aimed to make home loans more affordable in the festive season. In a first-of-its-kind initiative, SBI offers credit score linked home loans at just 6.70%, irrespective of the loan amount.
Earlier a borrower availing a loan greater than Rs. 75 lac, had to pay an interest rate of 7.15%. With the introduction of the festive offers, a borrower can now avail home loan for any amount at a rate as low as 6.70%.
The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs. 8 lac, for a Rs. 75 lac loan with a 30 year tenure.
Further, the rate of interest applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has removed this distinction between a salaried and a non-salaried borrower.
Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers.
To welcome the festivities and boost the market sentiments, the lender has waived off the processing fees completely and offers attractive interest concession based on the credit score of the borrower.
Shri C.S. Setty, Managing Director (Retail & Digital Banking), SBI said “We are pleased to launch the festive offer for our prospective home loan customers. 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. The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable. Our country has shown tremendous resilience during the pandemic. Being the Banker to every Indian, we, are committed to doing our bit in reviving the economy by enabling housing for all”.
Know More About State Bank of India
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country which has so far fulfilled the home buying dreams of 30 lakh Indian families. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore.
As on June 30, 2021, the bank has a deposit base of over Rs. 37 lakh crore with CASA ratio of nearly 46% and advances of more than Rs. 27 lakh crore. SBI commands a market share of 34.77% and about 31.11% in home loans and auto loans segment respectively. SBI has the largest network of 22,224 branches and 63,906 ATM / CDM in India with 71,705 BC outlets. The number of customers using internet banking and mobile banking stand roughly at 91 million and 20 million respectively.
The integrated digital and lifestyle platform by SBI – YONO has close to 36 million registered users, which witnesses approximately 11 million logins per day. Accelerating the digital agenda, around 1.5 lakh accounts have been opened through YONO in the quarter ended June 2021. In terms of digital lending, the bank disbursed personal loans of around Rs. 2430 crore through the YONO mobile app in the same quarter. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.