SBI Cuts Interest Rates on Home Loans by 30 basis Points, Completely Eliminated Processing Fees | SBI cuts interest rates on home loans by 30 basis points, handling fees eliminated

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Bombay a day ago

The bank’s new mortgage interest rate has risen to 6.80 percent, but the Union Bank mortgage interest rate is already at that level. After SBI, other banks will also cut mortgage interest rates.

The country’s largest bank (SBI) has given big freebies to homebuyers. Interest rates on home loans were cut by 30 basis points (bps) or 0.30 percent. As a result, the bank’s mortgage interest rate has now fallen to 6.80%. Apart from that, clients who apply for a home loan through the Yono app, will get an additional concession of 5bps. This concession on lending rates will be applicable until March 21.

Godrej Housing has the lowest interest rate at 6.69%
Godrej Housing has an interest rate of 6.69%. Union Bank mortgage interest rate has been 6.80% for a long time. The SBI cut rates, forcing other banks to cut rates as well. The interest rate on home loans from the nation’s largest bank or NBFC is around 7 percent. The interest rate on mortgage loans from private bank ICICI Bank is currently 6.95%. HDFC’s interest rate is 6.90 percent.

Zero processing fees
SBI has given home buyers another advantage by lowering mortgage rates. There will be no more processing fees on home purchase loans. This means that you will save about one percent on your total loan. Processing fees typically range from 80bp to one percent. On a loan of Rs 20 lakh, you have to pay a processing fee of Rs 18,000 to Rs 20,000.

Interesting concessions have been offered
The bank said in a statement that it was an attractive concession offered on a home loan. The bank said a home loan of Rs 30 lakh would be charged 6.80 percent. On home loans over Rs 30 lakh, interest will be charged at 6.95 percent. This interest rate is linked to the client’s CIBIL score. This interest rate concession is applicable in 8 metros in the country. It will apply to any loan up to Rs 5 crore. The bank granted an additional 5bp concession for women. That’s a 35bp discount.

Will excite home buyers
“We are confident that this move will encourage buyers to make more decisions,” said CS Shetty, chief executive of the bank. Their faith will grow. Even so, owning one is still beyond the reach of the average person. One is low interest rates, the other is a subsidy of Rs 2.67 lakh for the Prime Minister’s housing program and a reduction in stamp duty registration rates in some states.

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