The State Bank of India slashed the home loan interest rates to 6.7 percent for loan corpus of up to Rs 30 lakhs. The interest rates for different loan amounts have also been revised.

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The bank will levy an interest rate of 6.95 percent for amounts between 30 lakhs to 75 lakhs and all loans with a corpus of more than 75 lakhs will have an interest rate of 7.05 percent, the official press release stated.

The press release also stated that women would be able to get a concession of 5 bps. The bank would also offer another concession of 5 bps for customers using the YONO app.

C S Setty, MD of Retail and Digital Banking said, “SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too."

State Bank of India is the largest commercial bank in the country and the largest lender as well with a home loan book of more than Rs. 5 lakh crore.

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