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Good News! SBI Home Loan Interest Rate Reduced to 6.7% at Janta Power

However, now with the inclusion of the new festive offers, a borrower can apply for a home loan at any amount, that is also at an SBI home loan interest rate of 6.7%.<br>https://jantapower.com/special-loans-and-waivers-introduced-by-the-sbi-know-more/

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Good News! SBI Home Loan Interest Rate Reduced to 6.7% at Janta Power

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  1. Good News! SBI Home Loan Interest Rate Reduced to 6.7% at Janta Power The State Bank of India (SBI) has recently made the announcement that as a part of its festive season offers, the bank will be offering credit score linked home loans at 6.7% interest rate. This scheme will be offered irrespective of the amount of the loan. A press release issued by SBI on September 16 states that earlier a borrower applying for a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15%. However, now with the inclusion of the new festive offers, a borrower can apply for a home loan at any amount, that is also at an SBI home loan interest rate of 6.7%. "This time, we have made the offers more inclusive and the offers are available to all segments of borrowers irrespective of the loan amount and the profession of the borrower. The 6.70% home loan offer is also applicable to balance transfer cases. We believe zero processing fees and concessional interest rates in the festive season will make homeownership more affordable," said C.S. Setty, Managing Director (Retail & Digital Banking), SBI. Furthermore, this is to be noted that the interest rate for non-salaried individuals was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has stated that it has finally eliminated this discrimination between a salaried and a non-salaried borrower.

  2. "Now, there is no occupation-linked interest premium being charged to prospective home loan borrowers. This would lead to a further interest saving of 15 bps to non-salaried borrowers," stated SBI. The Bank has also completely waived off the charges on processing fees. Moreover, it will be offering interest concessions based on the credit history of the borrower. SBI has also changed its base rate and prime lending rate. According to its official website, the changes have already taken place from September 15, 2021. SBI's base rate is currently 7.45% while the prime lending rate is now 12.2%. To get more information on loans and bank related updates, visit jantapower.com.

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