SBI Customers, Home Loan Interest Rates Hiked

SBI Customers, Home Loan Interest Rates Hiked

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New Delhi: Country’s largest lender State Bank of India (SBI) has hiked its home loan by 25 basis points (bps) effective from April 1, 2021. The State Bank of India will also levy a consolidated processing fee on home loans. This will be 0.40 percent of the loan amount and goods and services tax (GST) subject to a minimum of Rs 10,000 and maximum of Rs 30,000 plus GST.

Last month, SBI had in waived off home loan processing fees till March 31. The bank has now increased the interest rate for home loans by 25 basis points. The new rate (minimum) now stands at 6.95 per cent. State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees.

It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. The decision to increase margin has been taken amid market indications of increased credit risk for borrowers and realty firms in the wake of coronavirus pandemic, according to a senior official.

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