Are you planning to buy a new home?
This could be the right time to make a move.
Ahead of the festive season, the State Bank of India (SBI) announced that it will offer credit score-linked home loans at 6.7%, irrespective of the loan amount.
From a 7.15% interest on home loans above Rs 75 lakh, SBI is offering to shave off 45 basis points (1%=100 bps) off eligible customers’ loans.
“The offer results in a saving of 45 bps which translates to a huge interest saving of more than Rs 8 lac, for a Rs 75 lac loan with a 30-year tenure,” SBI said in a statement.
Rate of interest applicable to non-salaried borrowers is generally 15 bps higher than interest rate charged to salaried borrowers. Under this offer, the distinction has been removed, SBI informed.
“Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers,” the bank stated.
SBI has also removed processing fees and will offer loans based on credit profile of the borrower.