New Delhi | Jagran Business Desk: In what comes as a good news for homebuyers and real-estate sector, country's largest lender State Bank of India has announced special offers on home loans for borrowers.

Taking to twitter on Wednesday, the bank announced that homebuyers applying for home loans will get three benefits -- nil processing fee, 10 bps interest concession for borrowers having a higher Cibil score for loans above 30 lakh and less than 1 crore, and an additional 5 bps concession if applied through SBI's Yono app.

“Knock Knock! Who's there? Concessions on SBI Home Loans through YONO. Apply now,” the tweet read.

 

The offer has come at a time when the Interest rate on home loans are already at a decade low after Reserve Bank of India reduced repo rate to 4 per cent amid the outbreak of the pandemic.  At present, the interest rate on SBI home loans vary between 6.95 per cent to 7.45 per cent for salaried customers, and 7.10 per cent to 7.60 per cent for self-employed.

In addition to this, the he concession on processing fees will help home loan seekers save up to 0.40 per cent of the total loan amount.

Back in May, the Reserve Bank of India had announced 40 basis points repo rate cut in an off-cycle policy review. While announcing the decision, RBI Governor Shaktikanta Das had said that the Indian economy is witnessing a collapse of demand as suggested by electricity, petroleum products and private consumption data.

Posted By: Lakshay Raja