State Bank of India (SBI) has announced a special gift for women on the occasion of International Women’s Day. The bank has announced to reduce the interest on home loans by offering to please the female home buyer. An advertisement released by SBI in a newspaper said that as we celebrate Women’s Day, SBI is proud to announce an additional 5bps concession to women borrowers.
SBI Home Loan Interest at 6.70%
SBI is now taking interest on home loan 6.70%. Also, no processing fee will be charged on it. Explain that amidst challenging economic conditions, the State Bank has waived processing fee on all types of home loans till 31 March 2021. If women apply through the mobile app YONO, then they will be given an additional 0.05 percent discount.
Customers are tempted by cheap loans
At this time tremendous recovery is being seen in the housing segment. This is the reason why SBI, Kotak Mahindra Bank, HDFC and ICICI Bank have decided to reduce their home loan rates. The interest rate war was started by the country’s largest State Bank of India.
34% share of home loan market
SBI occupies a 34 percent share of the home loan market with a historically low interest rate. SBI said that during December 2020, there has been a tremendous increase in its home loan business. Let us know that recently SBI has crossed the figure of 5 lakh crore home loan business. Now the bank has targeted to reach home loan business up to Rs 7 lakh crore by the financial year 2024.
