Business

Planning To Buy A New Home? This Could Be The Best Time

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.

OB Bureau

Leave a Comment

Recent Posts

Odisha Panchayat Polls: Filing Of Nomination Begins; Check Guidelines For Candidates

Bhubaneswar: The filing of nominations by candidates for the upcoming panchayat elections in Odisha began… Read More

30 mins ago

Quit & Join Politics If You So Want, Aparajita Dares Odisha IAS Officers

Bhubaneswar: Taking a strong swipe at Naveen Patnaik's governance model, Bhubaneswar MP Aparajita Sarangi said… Read More

42 mins ago

European Scientists Discover Gene That Reduces Severity Of COVID Infection

Bhubaneswar: Even as the number of people infected by COVID has been growing exponentially worldwide,… Read More

49 mins ago

Police Raid Clinic For Illegal Pre-Birth Gender Determination Tests In Odisha’s Cuttack

Cuttack: Commissionerate Police on Monday raided a diagnostic laboratory here and seized several equipment and… Read More

1 hour ago

Know How Much ‘Family Man’ Samantha Charged For Item Number In ‘Pushpa’

Bhubaneswar: 'Oo Antawa' song of the item number in superhit 'Pushpa The Rise: Part One'… Read More

2 hours ago

Daringbadi Coldest In Odisha at 10.5°C; Check Where The Mercury Dipped Below 15°C

Bhubaneswar: The mercury dipped at several places on Monday night as forecast by the India… Read More

2 hours ago