SBI cuts mortgage rates to 6.70%

The country’s largest lender, the State Bank of India, said on Monday it had cut interest rates on home loans by up to 10 basis points (bps) and offered loans starting at 6.70%.

The new rates are based on the loan amount and the borrower’s CIBIL score, and are available until March 31, 2021, according to a statement.

The bank said mortgage interest rates would start at 6.70% for loans up to Rs 75 lakh and 6.75% for loans in the range of Rs 75 lakh to Rs 5 crore.

Deputy General Manager of Bank (Retail) Saloni Narayan said, “We want to enjoy the holiday season, especially Holi. This being the last month of the year, we’re looking at quite a few. “

The lender also grants a 100% waiver on the processing fee.

Customers can also apply for home loans using the Yono app to get an additional 5 basis point interest reduction, the bank said.

It also offers a special concession of 5 basis points to female borrowers on the eve of International Women’s Day.

Narayan said the bank doesn’t see a lot of repayment challenges in the home loan segment.

“We are aware of the stress and we reach out to customers.

“We are taking a number of steps inside and outside the bank and also giving borrowers options on how they can repay loans. We are watching closely and at the moment I don’t see much of a challenge, ”she said.

The lender’s gross non-performing assets in the mortgage segment are 0.67 to 0.68 percent, its chairman Dinesh Khara said last month.

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