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Wednesday, September 16, 2020

SBI and other banks are offering special offers to home loan customers

Home loan relief, other banks including SBI are offering special offers to home loan customers, interest will also be discounted


  • When you apply for a home loan from YONO, you get an additional 5 basis points.
  • State Bank of India is offering home loans at an interest rate of 6.95 per cent from July 1, 2020.

Everyone dreams of buying their own home. But nowadays people take home loan to fulfill their dream of a home. If you are also going to buy a house and are thinking of taking a home loan then State Bank of India (SBI) has come up with a good offer for you. State Bank of India is introducing a home loan offer for those who want to buy a home.





These three offers are available on home loans


SBI is offering three offers on home loans. Under this offer, customers who apply for a home loan do not have to pay a processing fee. If your Sibyl score is good, you can get a 10 basis point discount on a loan of Rs 30 lakh to Rs 1 crore. Not only that. If you apply through SBI YONO you will get a discount on home loan interest. Applying for a home loan through YONO will give you an additional 5 basis points.


SBI offers home loans at an interest rate of 6.95 per cent


State Bank of India is offering home loans at an interest rate of 6.95 per cent from July 1, 2020. The interest rate on home loans has come down to a decade low as the repo rate has been reduced to 4 per cent by the Reserve Bank of India due to Corona. All new home loans in SBI are tied to the external benchmark, which is currently 6.65 per cent. SBI's EBR is linked to repo rate. At present, interest rates on home loans at SBI range from 6.95 per cent to 7.45 per cent for salaried customers and 7.10 to 7.60 per cent for self-employed customers.



Can be applied from home, this is the rule

SBI has launched another facility for its home loan customers due to social distance in the Corona period. Where customers can complete all the process of home loan without going to the bank on their app. These services include cash transactions, cash collection, check issuance, delivery of drafts, delivery of term deposit advice, life certificates and issuance of KYC documents. Under this facility, customers will now get interest certificates from the comfort of their home.






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Getting a loan from Punjab National Bank became cheaper

Punjab National Bank (PNB), the second largest bank in the country, has come up with a Festival Bonanza Offer for its customers. Under this, upfront, processing charge, and document charge will not be levied on the loan. According to a statement issued by PNB, under the festive bonanza offer, the bank will not charge you all kinds of upfront, processing charges and document charges on many large retail products such as home loans, car loans, etc. Customers can avail this offer through PNB's 10,897 branches across the country or through digital channels till 31 December 2020.

UBI and UCO also made loans cheaper

Union Bank of India (UBI) and UCO Bank have reduced the MCLR for the selection period by 5 basis points. This will make it cheaper to get a new loan as well as reduce the EMI of existing customers' home loans and auto loans.


How much interest will have to be paid?

Union Bank of India has slashed its MCLR by 0.50 per cent. The new rates have been in effect since Friday. The MCLR on one-year loans has been reduced from 7.25 per cent to 7.20 per cent, the bank said on Thursday. Similarly, the interest rate on one-day and one-month loans was reduced to 6.75 per cent.


UCO Bank has also slashed the MCLR by 0.50 basis points. The rate on one-year loans has come down from 7.40 per cent to 7.35 per cent, the bank said in a statement. This reduction will apply equally to all other term loans.


IMPORTANT LINK:: 


REAN LOAD INTEREST REPORT IN GUJARATI

 

BoM and IOB have also declined

Earlier this week, two state-owned banks, Bank of Maharashtra (BoM) and Indian Overseas Bank (IOB), announced a 0.10 per cent cut in their preferred MCLR.

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