SBI clarifies mortgage rates, says original interest rates are restored
The country’s main lender, the State Bank of India (SBI), has clarified the recent hike in mortgage interest rates. “In recent days, information has been reported in the press, including the media, regarding the rise in interest rates on SBI home loans. In this regard, we point out that the special limited-term concessions offered during the holidays of year-end ended March 31, 2021. and subsequently withdrawn. “
According to SBI, there is no hike in mortgage interest rates. The bank says the original interest rates from 6.95% have been restored. However, the special concessions offered to female borrowers continue, SBI said.
Last month, SBI waived home loan processing fees until March 31 to take advantage of the festive fervor. During the limited period, the bank offered a mortgage from 6.70% for loans up to ₹75 lakh and 6.75% for loans of the order of ₹75 lakh ₹5 crore. The lender also granted a 100% waiver on the processing fee.
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SBI 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 bank’s mortgage portfolio has passed the milestone of ₹5 lakh crore. SBI has over 34% market share in mortgage loans.
The Bank has the largest network of over 22,000 branches in India with an ATM / CDM network of nearly 58,000 and a total of British Columbia outlets of over 71,000. The number of customers using Internet Banking and Mobile Banking amounted to 85 million and 19 million respectively. SBI-YONO’s integrated digital and lifestyle platform broke the 74 million downloads mark. YONO, which has more than 34.5 million registered users, registers 9 million connections per day. Speed up the digital agenda.