In advancing home loans, banking sector giant State Bank of India (SBI) has been galloping. Housing loans advanced by it crossed Rs 6,00,000-crore-mark. On account of achieving the crucial milestone, the SBI announced various offers to home loan consumers as the festival bonanza. It reduced 25 basis points on the interest on home loans. The rate of interest on home loan products begins from 8.4%. Till January 31 next year, it waived the processing fees on home loans. Further, it has decided to extend low rates of interest on balance transfer too.
In January 2021 it crossed Rs 5,00,000 -crore-mark in advancing home loans. Now it crossed Rs 600,000 crore-mark to become the first ever bank to achieve the important milestone. It also announced festival bonanza. It is extending concessions of 0.25 per cent on home loans, 0.15 percent on top-up loans and 0.30 percent on loans against property. The SBI has over 28-lakh home loan customers, according to SBI chairman Dinesh Khara. According to SBI Retail Banking and Operations MD Alok Kumar Chaudhary, customers of fresh home loans and take over loans would have to bear 8.4 percent interest, while those of top up loans would have to pay 8.8 percent interest.
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