State Bank of India continues to dominate the home lending segment and has surpassed Rs. 6 trillion in assets under management. To celebrate this milestone and welcome the festivities, SBI has launched the Festive Bonanza for its home loan buyers. SBI crossed Rs. 5 trillion in January 2021.
In a statement, SBI said it aims to make home loans affordable for all potential buyers during the current holiday season. As part of the Festive Bonanza, SBI will offer a concession of up to 0.25% on home loans, 0.15% on top-up loans and 0.30% on loans against property.
SBI has further sweetened the deal by waiving processing fees on home loans until January 31, 2023. The bank said the above offers are specially designed with the diverse needs of buyers in all segments in mind. SBI constantly strives to make affordable housing easily accessible to customers who dream of owning a home.
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“SBI being the leader in property finance, takes ownership to enable every Indian’s housing dream. We are extremely grateful to our clients, comprising over 28+ lakh families, who have trusted us and chosen us to be their partner in the home ownership journey. A series of process and digital initiatives undertaken over the past few years have been instrumental in our journey to Rs. 6 trillion. We are committed to being partners in nation building and we strive to realize our Honorable Prime Minister’s dream of housing for all,” said SBI Chair Dinesh Khara.
“Given the strong interest in home loans across the country, we are pleased to announce a concessional interest rate and processing fee waiver for a limited period,” said Alok Kumar Choudhary, Managing Director, Retail Banking & Operations.
SBI has launched a series of unique offerings in the mortgage segment. The interest rate for buyers of new home loans and buyouts starts at 8.40% and top-up loans for furnishing/renovation/makeover start at 8.80%.