Mumbai: State Bank of India (SBI) has cut down the interest rate on home loans. SBI on Monday declared a limited period 'home loan' offer involving a concession of up to 70 bps with interest rates starting from 6.70 per cent onwards.

Accordingly, the limited period offer ends on March 31, 2021 with home loan interest rates starting as low as 6.70 per cent for loans of up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh to Rs 5 crore.

Besides, the lender has also given 100 per cent waiver on processing fees. As per the lender, the interest concession is based on the loan amount and CIBIL score of the borrower. The lender said that customers applying via 'YONO App' will get an additional interest concession of 5 bps.

SBI in a statement said, “SBI, being the market leader in home finance, takes ownership in bolstering consumer sentiments. The affordability for the consumer increases immensely with the present offerings as the EMI will be reduced.”

Additionally, a special 5 bps concession is being made available to the women borrowers. "Our customers have complete trust in us because of our total transparency. The reduced interest rates are one of the best interest rates in home loans anyone can wish for," said Saloni Narayan, DMD (retail business), SBI.

(With inputs from IANS)