SBI Announces BUMPER Home Loan Bonanza Ahead of Diwali – Check Interest, Fees & Other Details

New Delhi: India’s largest lender State Bank of India (SBI) has said it continues to lead the Home Loan segment and has surpassed Rs. 6 trillion assets under management. To celebrate this milestone and welcome the festivities, SBI has launched the Festive Bonanza for its home loan buyers.

National Bank of India said the offerings are specially curated taking into account the diverse needs of buyers in different segments. SBI consistently strives to make affordable housing easily accessible for customers who dream of owning a home. (Also read: Festive celebration! HDFC Cuts Home Loan Rates, Launches Diwali Special Offer; details here)

SBI BUMPER Home Loan Festive bonanza ahead of Diwali 2022

SBIA aims to make home loans affordable for all aspiring buyers during the current holiday season. As part of the Festive Bonanza, SBI offers a concession of up to 0.25% on home loans, 0.15% on additional loans and 0.30% on loan against real estate. Bank has further tightened the deal by waging home loan processing fees until January 31, 2023.

SBI has launched a series of unique offerings in the home loan segment for the first time. The interest rate for buyers of both New Home Loans and Acquisitions starts at 8.40% and Top-up loans for furnishing/renovation/home makeover start at 8.80%.

SBI had crossed Rs 5 trillion AUM by January 2021.

Commenting on the milestone of Rs 6 trillion AUM, Dinesh Khara, Chairman, said: “SBI, the leader in home finance, takes ownership to make every Indian’s housing dream possible. We are our clients comprising over 28+ lakh families, immensely grateful, who have trusted us and chosen us to be their partners in the home ownership journey.A series of process and digital initiatives taken over the past few years have played a vital role in our journey to the Rs 6 trillion marks. We are committed to being partners in Nation Building and striving to realize our Honorable Prime Minister’s dream: housing for all.”

SBI has fulfilled the dreams of more than 30 lakh Indian families so far. The bank’s home loan portfolio stands at Rs. 5.75 lakh crores. On June 30, 2022, the bank has a deposit base of more than Rs. 40.46 lakh crore with CASA ratio of 45.33% and advances of over Rs. 29 lakh crore. SBI has a market share of 33.3% and 19.3% respectively in home loans and car loans.

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