India's biggest lender, State Bank of India (SBI) on Wednesday said it has surpassed Rs six lakh crore (Rs six trillion) in assets under management (AUM) in residential home loans. SBI is the first bank in the country to achieve this milestone in this category. The bank crossed Rs five trillion mark in January 2021.

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To celebrate this milestone and welcome the festivities, SBI has launched the festive bonanza for its home loan buyers. As a part of the festive bonanza, SBI will offer a concession of up to 0.25 percent on home loans, 0.15 percent on top-up loans, and 0.30 percent on loans against property.

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The bank has further sweetened the deal, by waiving off the processing fees on home loans up to January 31, 2023. The offers are specially curated keeping in mind the diverse needs of buyers across segments. SBI is consistently striving to make affordable housing conveniently accessible to customers who dream of owning a home.

SBI, for the first time, has launched a series of unique offerings across the home loan segment. The interest rate for buyers of new home loans as well as takeovers starts at 8.40 percent and top-up loans for furnishings /renovation /home makeovers start at 8.80 percent.

Dinesh Khara, the chairman, said, "SBI being the leader in home finance, takes ownership to enable the housing dream of every Indian. We are extremely grateful to our customers comprising more than 28+ lakh families, who have trusted us and chosen us, to be their partner in the home-ownership journey."

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Alok Kumar Choudhary, managing director of retail banking & operations, said, "As we enter the festive season after a long period of muted celebrations due to COVID restrictions, our offers this festive season are aimed to provide much-needed support for prospective home buyers as they embark on their journey for home ownership."