SBI home loan book crosses Rs 6 trn-mark; launches festival discounts

The nation's largest lender State Bank on Wednesday said its home loan book has surpassed the Rs 6-lakh-crore-mark, making it the largest in the industry.

To mark the occasion, the bank also announced a festive offer for home loan buyers, offering up to 25 bps discount on interest rate starting at 8.40 per cent and also the waiver of the processing fee till January 31, 2023. The lower interest will also be applicable to balance transfers.

The bank had crossed the Rs 5 lakh crore mark in January 2021, the bank said in a statement, adding it is the first lender to achieve the Rs 6 lakh crore milestone in the residential home category.

As a part of the festive offer, SBI will offer a concession of up to 0.25 per cent on home loans, 0.15 per cent on top-up loans, and 0.30 per cent on loans against property, the bank said, adding the offer also includes waiving off the processing fees up to January 31, 2023.

Commenting on the milestone, its chairman Dinesh Khara said SBI has over 28 lakh home loan customers.

Alok Kumar Choudhary, managing director-retail banking & operations, said the interest rate for new loan buyers and loan takeovers starts at 8.40 per cent and top-up loans begin at 8.80 per cent.