New Delhi | Jagran Business Desk: Proving a huge relief to its customers amid coronavirus crisis, the State Bank of India (SBI), the country's largest public sector lender, on Monday slashed home loan interest rates to "extend better rates to clients who maintain good repayment history".

In a statement, the SBI said that it will offer an interest concession of 70 basis points with interest rates starting from 6.7 per cent, adding that a 100 per cent waiver will be given on processing fees. It, however, noted that the offer will continue till March 31 only.

"SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as equal monthly installments will be reduced," the SBI said in a statement.

SBI home loans interest rates are linked to the Credit Information Bureau (India) Limited (CIBIL) score. It starts from 6.70 per cent for a loan between Rs 5 lakh to Rs 75 lakh and 6.75 per cent for loans more than Rs 75 lakh.

The State Bank noted that existing customers can also apply for an additional interest concession of 5 basis points through the YONO app. It further said that a special five basis point concession will also be given to women customers on the eve of International Women's Day.

"Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in home loans anyone can wish for," said SBI DMD (Retail Business) Saloni Narayan in a statement.

The State Bank is India's largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. Its home loan portfolio recently crossed the milestone of Rs 5 lakh crore.

As on December 31, 2020, the bank had a deposit base of over Rs 35 lakh crore and advances of more than Rs 26 lakh crore with CASA (current account saving account) ratio of about 45 per cent.

Posted By: Aalok Sensharma