SBI announces BUMPER Home Loan bonanza ahead of Diwali--Check rate of interest, fees and other details

SBI said that the offers are specially curated keeping in mind the diverse needs of buyers across segments. SBI is consistently striving to make affordable housing conveniently accessible to customers who dream of owning a home.

New Delhi: India’s largest lender State Bank of India (SBI) has said that it continues to lead the Home Loan 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. 

State Bank of India said that the offers are specially curated keeping in mind the diverse needs of buyers across segments. SBI is consistently striving to make affordable housing conveniently accessible to customers who dream of owning a home. ()

SBI BUMPER Home Loan festive bonanza ahead of Diwali 2022

SBI aims to make home loans affordable for all prospective buyers amidst the ongoing festive season. As a 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 Loan Against Property. Bank has further sweetened the deal, by waiving off the processing fees on home loans up to 31st January 2023. 

SBI, for the first time, has launched a series of unique offerings across the home loan segment. The interest rate for buyers of New Home Loans as well as Takeovers starts at 8.40% and Top-up loans for furnishings/renovation/home makeover start at 8.80%.   

SBI had crossed Rs 5 Trillion AUM mark in January 2021.  

Commenting on the milestone of Rs 6 Trillion AUM, Dinesh Khara, Chairman, said, “SBI being the leader in home finance, takes ownership to enable the housing dream of every Indian.  We are extremely grateful to our customers comprising more than 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 played a crucial role in our journey to the Rs. 6 Trillion mark. We are committed to being partners in Nation Building and are striving to realize the dream of our Hon’ble Prime Minister towards - Housing for All.”

SBI has so far fulfilled the home buying dreams of over 30 lakh Indian families. The home loan portfolio of the bank stands at Rs. 5.75 lakh crore. As on June 30, 2022, the bank has a deposit base of over Rs. 40.46 lakh crore with CASA ratio of 45.33% and advances of more than Rs. 29 lakh crore. SBI commands a market share of 33.3% and 19.3% in home loans and auto loans respectively.