The State Bank of India (SBI) on Monday said it would offer a further reduction in interest on mortgage rates to female borrowers.
- DNA Web Team
- March 9, 2021, 7:01 PM IST
The State Bank of India (SBI) on Monday said it would offer a further reduction in interest on mortgage rates to female borrowers. The offer will be valid until March 31, 2021. For more information, click here.
1. Here’s what SBI said
On International Women’s Day on March 8, the country’s largest lender said in a tweet: “On Women’s Day, we make it special with an additional 5 basis points * concession to female borrowers and interest from 6.70% * “.
Your dream home. Our objective.
At #WomenDay, we make it special with an additional 5 basis points * concession to female borrowers and interest from 6.70% *.
– State Bank of India (@TheOfficialSBI) March 8, 2021
2. Limited time offer
On March 1, the SBI lowered the interest rate on mortgage loans. The Bank now offers an interest concession of up to 70 basis points (bps) with interest rates starting at 6.70%. But this is a limited time offer ending March 31.
3. Grant of additional interest
In this context, SBI clients who benefit from a mortgage via the YONO application will benefit from an additional interest reduction of 5 basis points.
4. 100% of waiver fees
The lender also grants a 100% waiver on the processing fee. The interest reduction is based on the loan amount and the borrower’s CIBIL score.
5. Mortgage rate linked to the CIBIL score
SBI mortgage interest rates are linked to the CIBIL score and start at 6.70% for loans up to Rs 75 lakh and 6.75% for loans over Rs 75 lakhs, the bank said.
6. Many mortgage options
The State Bank of India offers a plethora of home loan options for clients outside of the usual home loan plans. These include – SBI Privilege Home Loan for government employees, SBI Shaurya Home Loan for military and defense personnel, SBI MaxGain Home Loan, SBI Smart Home, Top-up loan for existing customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for higher amount home loan, as well as SBI HerGhar home loan for women.