State Bank Of India Cuts Home Loan Interest Rates To 6.70%

The State Bank of India (SBI), the country's largest lender reduced its interest rates on home loans from 6.95 per cent to 6.70 per cent, and women borrowers are eligible to receive a special concession of five basis points. In a statement released on Saturday, May 1, the State Bank of India said that the customers can also apply for a loan easily while sitting at home, through the bank's official YONO mobile app, in order to earn an additional interest concession of five basis points. (Also Read: ICICI Bank Reduces Interest Rate On Home Loans To Lowest In 10 Years )

With the latest reduction, the State Bank of India's home loan interest rates now starts from 6.7 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans between Rs 30 lakh and Rs 75 lakh. The loans above Rs 75 lakh mark will be charged interest at 7.05 per cent. Earlier, the state-run bank had reduced the interest rates on home loans to 6.7 per cent till March 31 as part of the festive offer. The interest rates were restored to 6.95 per cent starting from April 1, 2021. (Also Read: State Bank Of India Reduces Home Loan Interest Rate To Record Low Of 6.7% )

"The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially," said C S Setty, Managing Director for retail and digital banking.

The State Bank of India is the largest commercial bank in terms of deposits, assets, branches, customers, as well as employees. The state-run bank is also the largest mortgage lender in the country. State Bank of India's home loan portfolio recently crossed the milestone of Rs 5 lakh crore. 

State Bank of India is a listed entity on stock exchanges BSE and NSE. On Friday, April 30, shares of State Bank of India settled 1.61 per cent lower at Rs 353.40 apiece on the BSE. On the NSE, it settled 1.98 per cent lower at Rs 353.30 apiece.