SBI Becomes Largest Home Loan Provider Surpassing Rs 6 Lakh Crore Mark

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SBI home loan book exceeds Rs 6 lakh crore mark; launches festival discounts

Mumbai:

The country’s biggest lender, the State Bank, said on Wednesday that its housing loan portfolio had passed the 6 million rupee mark, making it the largest in the sector.

To mark the occasion, the bank also announced a festive offer for home loan buyers, offering up to 25 basis points off the interest rate from 8.40% and also waiver of processing fee until January 31, 2023. Lower interest will also apply to balance transfers.

The bank had crossed the Rs 5 lakh crore mark in January 2021, the bank said in a statement, adding that it was the first lender to reach the Rs 6 lakh crore milestone in the residential homes category.

As part of the festive offer, SBI will offer a concession of up to 0.25% on home loans, 0.15% on top-up loans and 0.30% on home loans, the bank said, adding that the offer also includes waiver of processing fees until January 31, 2023.

Commenting on this milestone, its Chairman Dinesh Khara said that SBI has over 28 lakh home loan customers.

Alok Kumar Choudhary, managing director of retail banking and operations, said the interest rate for new loan buyers and loan buyouts starts at 8.40% and top-up loans start at 8.80. %.

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