SBI clarifies on home loan rates, says original interest rates restored

Country’s top lender State Bank of India (SBI) has clarified on the recent hike on the home loan interest rates. “In the last few days, there have been news items reported in the press including media regarding hike in SBI Home Loans Interest Rates. In this regard we clarify that limited period special concessions offered during festive season have come to an end on 31 March 2021 and thereafter withdrawn.”

As per SBI, there is no hike in the home loan interest rates. The bank states that the original interest rates starting from 6.95% have been restored. However, the special concessions offered to the women borrower is continuing, SBI said.

Last month, SBI had waived off home loan processing fees till 31 March to cash in on festive fervour. During the limited period, the bank offered home loan starting from 6.70 per cent for loans up to ₹75 lakh and 6.75 per cent for loans in the range of ₹75 lakh- ₹5 crore. The lender also gave a 100% waiver on processing fees.

SBI is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of ₹5 lakh crore. SBI commands over 34% market share in home loans.

The Bank has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively. The integrated digital and lifestyle platform by SBI – YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day. Accelerating the digital agenda.

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