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State Bank of India has announced a concession of up to 70 basis points, or about 0.7 per cent, in home loans based on the CIBIL score. This makes SBI’s home loan at a minimum interest rate of 6.70.
This benefit will be available till 31 March
SBI said that this concessional rate will be only till 31 March 2021. Apart from this, the bank has also announced to waive 100% processing fee by 31 March. That is, no processing fees will have to be paid to those taking home loans by the end of March.
These customers will get benefit
The statement said that this concession rate will be given only to those whose score in CIBIL will be good. The bank has linked its interest rate concession to the CIBIL score. “SBI believes that customers with good payment history should provide better rates,” the bank said in a statement. SBI continues to be the market leader in home finance. With the current offering, it will become quite economical for customers to take loans as EMI will decrease.
Now, according to CIBIL score, SBI customers will have to pay the lowest interest of 6.7% on home loans up to Rs 75 lakh. Similarly, for houses above Rs 75 lakh, the cheapest rate will be 6.75 per cent.