State Bank of India (SBI) reduced on Wednesday interest on home loans by up to 25 basis points (bps), to 6.9% for loans up to €30 lakh and 7% for the above €30 lakhs.
“In an extension of its recently announced celebratory offerings, SBI is offering a credit-based concession of up to 20 basis points from 10 basis points previously on a home loan from above €30 lakhs too €2 crore across India. “An additional concession of 5 basis points will be granted for all home loans when applied for through YONO,” SBI said in a press statement.
“This move will encourage homebuyers to start planning their dream home. As the nation prepares for the post-Covid era, we are seeing increasing customer demand and we will continue to offer benefits that meet customers’ needs,” said CS Shetty, Managing Director, Retail and Digital Banking, SBI.
Private lender Axis Bank is also offering a lower interest rate of 6.9% on home loans and 7.99% on car loans this holiday season. The Bank of India charges 6.85% for loans up to €50 lakh and the Central Bank of India has a similar interest rate for loans up to €75 lakhs.
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