India markets close in 1 hour 23 minutes
  • BSE SENSEX

    48,007.18
    -73.49 (-0.15%)
     
  • Nifty 50

    14,379.30
    -26.85 (-0.19%)
     
  • USD/INR

    74.9610
    -0.1490 (-0.20%)
     
  • Dow

    33,815.90
    -321.41 (-0.94%)
     
  • Nasdaq

    13,818.41
    -131.81 (-0.94%)
     
  • BTC-INR

    3,640,789.75
    -434,135.25 (-10.65%)
     
  • CMC Crypto 200

    1,105.28
    -137.78 (-11.08%)
     
  • Hang Seng

    29,078.75
    +323.41 (+1.12%)
     
  • Nikkei

    29,020.63
    -167.54 (-0.57%)
     
  • EUR/INR

    90.3732
    +0.0986 (+0.11%)
     
  • GBP/INR

    103.9139
    -0.0229 (-0.02%)
     
  • AED/INR

    20.3540
    -0.0510 (-0.25%)
     
  • INR/JPY

    1.4367
    +0.0021 (+0.15%)
     
  • SGD/INR

    56.4700
    -0.0620 (-0.11%)
     

News You Can Use: SBI Slashes Home Loan Interest Rate To 6.7%, Announces 100% Processing Fees Waiver

Team BankBazaar
·2-min read

In a limited period offer, the country’s largest lender, State Bank of India (SBI) has reduced the rate on home loans to 6.70 per cent on loans up to Rs. 75 lakh. The bank has also reduced the home loan interest rates for loans over Rs.75 lakh to Rs. 5 crores to 6.75 per cent. The offer is valid till March 31.

The latest interest rates are linked with borrowers’ CIBIL score. In its press release, the bank said that it is important to extend better rates to customers who maintain good repayment history.

The bank has also announced a 100 per cent waiver on loan processing fees. Besides this, the bank has announced a 5 bps extra concession in home loan interest rates for its women borrowers on the eve of International Women’s Day.

As per the bank’s release, customers who will apply via YONO App will get an additional interest concession of 5 bps.

With this, SBI is now offering the cheapest home loan today.

Interest rates are at historic lows, which makes now an opportune time to take a home loan. As many as 15 banks and four housing finance companies are currently offering home loans starting below 7% p.a. Aspiring home loan borrowers, however, should first check their credit score as lenders have reserved the lowest rates for borrowers with 750 or above score.

If you are looking for lenders offering home loan interest rates below 7%, take a look at the table given below.

Bank’s name

Lowest Interest Rates

State Bank of India*

>=6.70

Kotak Mahindra bank

6.75-8.45

Union Bank of India

6.8-7.35

Punjab National Bank

6.8-7.5

HDFC Bank

6.80-7.50

ICICI Bank

6.80-7.85

Central Bank

6.85-7.30

Bank of Baroda

6.85-8.20

Punjab & Sind Bank

6.9-7.6

Canara Bank

6.9-8.9

UCO Bank

6.90-7.25

Bank of Maharashtra

6.90-8.40

Axis Bank

6.90-8.55

IDBI Bank

6.90-9.90

Bank of India

6.95-8.35

Housing Finance Companies

HDFC Ltd

6.80-7.65

Bajaj Finserv

>=6.9

Tata Capital

>=6.9

LIC Housing Finance Ltd

6.9-7.60

Data based on lowest rates advertised by banks on their website as of February 26, 2021. Actual and final rates may depend on size of loan, borrower’s gender, borrower’s credit and income profile, loan-to-value ratio, and any other parameter as set by the lender. State Bank’s interest rate is as per its latest press release.

Compiled by BankBazaar.com, India’s leading online marketplace for loans and credit cards. Need help in calculating your EMI? Use BankBazaar’s easy home loan EMI calculator.