SBI waives processing fees, cuts home loan interest rate to 6.7%
MAS Team | 17 September 2021
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As part of its festive season, the State Bank of India (SBI) will be offering credit score linked home loans at 6.7%, irrespective of the loan amount, as reported by The Economic Times. 
 
According to a press release issued by SBI on September 16, earlier a borrower availing a loan greater than Rs 75 lakh, had to pay an interest rate of 7.15%; now with the introduction of the festive offers, a borrower can avail home loan for any amount at a rate as low as 6.7%.
 
Further, interest rate applicable for a non-salaried borrower was 15 bps higher than the interest rate applicable to a salaried borrower. SBI has said that it has removed this distinction between a salaried and a non-salaried borrower. "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 the bank.
 
The lender has also waived off the processing fees completely and will be offering interest concession based on the credit score of the borrower.
 
The bank also cut its base rate and prime lending rate. According to the SBI website, with effect from September 15, 2021, SBI's base rate will be 7.45% and its prime lending rate will be 12.2%.