SBI’s home loan book has surpassed Rs 6 lakh crore.

MUMBAI: The country’s largest lender, State Bank, announced on Wednesday that its home loan book has surpassed Rs 6 lakh crore, making it the industry’s largest.

To commemorate the occasion, the bank also announced a holiday promotion for home loan buyers, which includes a 25 basis point discount on interest rates starting at 8.40% and a processing fee waiver until January 31, 2023. Balance transfers will also benefit from the lower interest rate.

According to a statement, the bank reached the Rs 5 lakh crore milestone in January 2021 and is the first lender to reach the Rs 6 lakh crore milestone in the residential home category.

As part of the festive offer, the bank will offer a 0.25% concession on home loans, 0.15% on top-up loans, and 0.30% on loans against property. The offer also includes a waiver of processing fees until January 31, 2023.
According to SBI chairman Dinesh Khara, the bank has over 28 lakh home loan customers.

The interest rate for new loan buyers and loan takeovers begins at 8.40%, according to Alok Kumar Choudhary, managing director-retail banking & operations, and top-up loans begin at 8.80%.