SBI Home Loan: State Bank Of India (SBI) On Wednesday Said That It Has Not Increased The Interest Rates On Home Loans. Some Media Reports Said That The Limited-Term Special Concession Granted During The Festive Season Expired On March 31, 2021. After Which Home Loan Interest Rates Returned To Normal.
SBI Home Loan
Subsequently, SBI said, “There Have Been News Reports In The Press, Including The Media, About The Increase In Interest Rates Of SBI Home Loans In The Last Few Days. In This Regard, We Make It Clear That Limited Specials During The Festive Season. The Concessions Expired On March 31 2021. ”
It States That The Pre-Concession Interest Rate Of 6.95% On Home Loans Has Been Restored. But Women Continue To Be Offered Special Concessions.”
The Processing Fee On The Home Loan Was Waived By March 31 For The Public Lender. As Part Of Its Festive Season Offer, The Bank Offered Home Loans Starting From 6.70% On Loans Up To Rs 75 Lakh And 6.75% On Loans Ranging From Rs 75 Lakh To Rs 5 Crore. It Also Waived Processing Fees.
As Stated On The SBI Website, Its Home Loans Are Available 40 Bps Above The External Benchmark-Linked Rate (EBLR). The EBLR, Which Is Linked To RBI’s Repo Rate, is 6.65%, Which Would Mean Home Loans Are Available At 7%.
However, In The Loan Proposal Wherein, A Woman Is There. The Applicant Is Entitled To 5 Bps Exemption, Which Makes It 6.95% (1% = 100 Basis Points).
According To The SBI Website, The Consolidated Processing Fee Will Be 0.40% Of The Loan Amount, which Will Be A Minimum Of Rs 10,000 And A Maximum Of Rs 30,000 For The Applicable GST.
