New Delhi: India’s largest lender, State Bank of India (SBI), offering even more encouragement to female borrowers on International Women’s Day, announced a reduction in interest on mortgage loans from additional basis points.
“As we celebrate Women’s Day, SBI is proud to announce an additional 5 basis point concession to female borrowers,” one SBI newspaper read.
The SBI home loan now starts at an interest rate as low as 6.70% per annum, while the bank has a 34% market share in the home loan segment.
SBI has also completely waived processing fees until March 2021 for clients receiving mortgage loans in projects approved by SBI. The Bank is also working on themes such as the targeted development of the mortgage lending activity, refined analyzes to stimulate growth, facilitate the mortgage loan journey for clients and post-disbursement engagement with mortgage lending clients.
In February 2021, the State Bank of India (SBI) reached a new milestone by crossing Rs. 5,000 billion dollars (5 crore Lakh) in its mortgage lending business. The bank has set itself the goal of obtaining an outstanding mortgage loan under management of Rs. 7 trillion by fiscal year 2024.
The Bank has also launched a new facility for new mortgage customers who can get all the information on mortgage loans by making a missed call to 7208933140.