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<ul><li>State Bank of India announced a 15 basis points or 0.15% cut in its lending rates. </li><li>SBI’s one year lending rate will come down to 8.25% per annum from 8.40%. </li><li>After this cut, home loans will become cheaper by 0.35% effective from April 10, 2019. </li></ul> It looks like India’s central bank is having its way, at least with the country’s largest bank. Within hours of Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>) saying that it will ensure that banks will pass on the benefits of interest rate cuts to customers, State Bank of India announced a 15 basis points or 0.15% cut in its own lending rates. The Reserve Bank of India (RBI) today cut its repo rate or the rate at which it lends to banks —by 35 basis points. This is the fourth time the central bank cut its lending rates this year. Since February, it has effectively cut the rates by 100 basis points, but banks has been absorbing most of this benefit. They have passed on only 29 basis point benefits since February. Taking a tough stance today, RBI Governor Shaktikanta Das said, “We are willing to take whatever steps necessary to make sure banks transmit the benefits of interest rate cuts to customers.” And SBI seems to have gotten the cue. “The one year lending rate would come down to 8.25% per annum from 8.40%. This is the fourth consecutive cut in 2019-20,” the bank said. The new rates will be come into effect from August 10, 2019. After this cut, home loans will become cheaper by 0.35% effective from April 10, 2019. “In addition, SBI is offering a repo-linked home loan product with effect from July 1,” SBI said. SBI claims to have transmitted RBI’s rate cut benefits ‘fully’. It said that it has passed on the benefit of repo rate reduction by 0.85% during the current financial year to its customers with limits above ₹1 lakh. With as many as 435 million customers, SBI brings home a fourth of all the deposits made in the country. SEE ALSO <a href="https://www.businessinsider.in/business/rbi-policy-update-asks-banks-to-cut-lending-rates/articleshow/70567837.cms">RBI is pushing India's stubborn banks to cut lending rates</a> <a href="https://www.businessinsider.in/business/rbi-policy-update-asks-banks-to-cut-lending-rates/articleshow/70567837.cms">India's central bank cuts interest rate for the fourth time this year</a>

SBI cuts lending rates and makes home loans cheaper within hours of RBI warning

<keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword> has introduced a new home loan option, called the <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> <keyword id="3231248" type="UNKNOWN" weightage="100" keywordseo="flexipay">FlexiPay</keyword> Home Loan. The specialty of this home loan is that the repayment terms come in the form of lower EMIs in initial years, followed by higher EMIs. 
 
The public sector lender has refused to term it as a ‘teaser loan’, a term introduced by the bank in February 2009. SBI officials stated that it is not offering any discount in the interest rates or offering more loan to value. 
 
The statement released by the bank said that the new offering will enable young working professionals to get hold of higher loan amounts as compared to their loan eligibility under the standard home loan schemes. 
 
“This product cannot be called teaser loan as we have taken adequate safeguards like making it available only for salaried professionals and not for all categories of customers,” said Rajnish Kumar, managing director, SBI.

‘FlexiPay’ home loan by SBI comes with 3-5 yrs interest moratorium

<keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> cuts <keyword id="6354730" type="UNKNOWN" weightage="20" keywordseo="Home-loan">home loan</keyword> rate; ICICI cash in on the festive fervour, banks including SBI and ICICI have unveiled a host of benefits such as reduction in rates, waiver of processing fee and overdraft facility. 
 SBI has further slashed interest rates by 0.15 per cent for its home loans up to Rs 75 lakh, while <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> is offering overdraft facility along with the home loan. 
 SBI Home Loans are cheapest in the market and provide an excellent opportunity for both new home buyers as well as those who wish to switch over their home loan to SBI to save on <keyword id="6357050" type="COMPANY" weightage="20" keywordseo="EMI">EMI</keyword>, the bank said in a statement. 
 
SBI home loan would be available at 9.15 percent while women borrower will get at 9.10 percent. 
 
Another market major ICICI Bank is offering the salaried having an account with it, credit from Rs 5 lakh going up to Rs 1 crore against property owned by them. 
 The product, 'ICICI <keyword id="3805058" type="UNKNOWN" weightage="20" keywordseo="bank-home-overdraft">Bank Home Overdraft</keyword>', will offer dual advantage of a term loan as well as an overdraft facility, the bank said in a statement. 
 
"While the term loan provides customers with quick funds for immediate needs, the overdraft facility offers them the flexibility to access funds instantly for expenses, as and when required," it said. 
 
Those buying the overdraft loan from the bank would be able to utilise the funds for their personal needs such as for education, medical treatment, home renovation, marriage and overseas travel among others. 
 
Beginning from a minimum of Rs 5 lakh to a maximum of Rs 1 crore, customers will have the facility to avail a minimum 10 per cent of the total amount as term loan and maximum 90 per cent as an overdraft. 
 
ICICI Bank said the interest on term loan would be charged as per the equated monthly instalment, while on the overdraft the charges will be only on the utilised amount for the period the funds are used. 
 
On a Home Loan of Rs 50 lakh, reduction in interest rate by 0.15 percent by SBI will help a home buyer to save Rs 542 per month and approximately Rs 2 lakh during the loan tenure of 30 years, SBI said. 
 
According to SBI, the value of the savings on EMI of Rs 542 per month, if invested in a recurring deposit, will be approximately Rs 6 lakh at the end of the loan tenure. offers overdraft

SBI cuts home loan rate; ICICI offers overdraft

Mumbai, May 7 () The country's largest lender SBI has increased its home loan rates that are linked to repo rate by up to 30 basis points amid market indications of increased credit risk for borrowers and realty firms in the wake of coronavirus pandemic, according to a senior official. The lender has also hiked interest rates on personal loans against property by 30 basis points. With market leader SBI making the move, other lenders are also likely to follow suit. On Thursday, SBI slashed benchmark lending rate by 15 basis points. Subsequently, rates on home loans linked to Marginal Cost of Funds-based Lending Rate (MCLR) have also come down. Most of the home loans are given on the basis of repo rate or MCLR. While SBI has kept the external benchmark-linked lending rate constant at 7.05 per cent, the increase in home loan rates has been done by raising margins by up to 30 basis points across various home loan products. The new rates came into effect from May 1, as per information available on its website. In the wake of the pandemic and subsequent nationwide lockdown, there has been disruption in economic activities as well as in income for many individuals and companies. The senior official at the State Bank of India (SBI) said spread is the credit risk premium and an increase in spread reflects stress due to COVID-19 impact in the market. The financial market indicates that there is some increase in risk perception for borrowers and the real estate firms which is getting reflected in the credit risk premium charged by the bank, the official said. Despite the increase in the spread, SBI continues to provide home loan at the most competitive rate. The revision by SBI comes just a month after it had reduced home loan rates by 75 basis points. The bank had last revised its External Benchmark Linked Lending Rate (EBR) and Repo Linked Lending Rate (RLLR) on April 1, 2020, immediately after the RBI announced reduction in repo rate by 75 basis points. For home loans up to Rs 75 lakh, SBI has increased the spread by 20 basis points. For home loans up to Rs 30 lakh, the effective rate, which is EBR plus spread, now stands at 7.40 per cent as against 7.20 per cent on April 1, 2020. The effective rate for home loans above Rs 30 lakh and up to Rs 75 lakh has been increased to 7.65 per cent from earlier rate of 7.45 per cent. For home loans above Rs 75 lakh, the new rate stands at 7.75 per cent as against 7.55 per cent earlier. The spread under the Maxgain home loan category has been increased by 30 basis points. The effective rate for Maxgain home loans up to Rs 30 lakh has been hiked to 7.75 per cent from 7.45 per cent. The bank has also increased the spread for its Personal Loan Against Property (P-LAP) by 30 basis points. The effective rate for P-LAP up to Rs 1 crore has been raised to 9.20 per cent as against 8.90 per cent as on April 1, 2020. For loans above Rs 1 crore and up to 2 crore, the effective rate stands at 9.70 per cent as against 9.40 per cent earlier. HV DP RAM

SBI hikes home loan rates by up to 30 basis points

<keyword id="45123" type="CITY" weightage="100" keywordseo="HDFC">HDFC</keyword>, India's largest housing finance company, and <a href="http://www.businessinsider.in/How-ICICI-became-Indias-biggest-Bank-Here-are-some-interesting-facts-about-the-bank/articleshow/53653276.cms">ICICI</a>, the largest private lender, have cut down interest rates on <keyword id="35519" type="UNKNOWN" weightage="100" keywordseo="home-loans">home loans</keyword> they offer, bringing them down to 8.35% for home loans up to Rs 30 lakh. This is the same rate at which India’s largest bank <a href="http://www.businessinsider.in/SBI-to-shut-down-half-of-associate-banks-offices-after-mega-merger/articleshow/57749922.cms">State Bank of India</a> offers home loans. Also read: <a href="http://www.businessinsider.in/Hereshow-top-5-Indian-banks-use-technology/articleshow/48003107.cms">Here’s how top 5 Indian banks use technology</a> As per the changes, salaried women borrowers will get home loans at 8.35% and others at 8.40% for loans up to Rs 30 lakh. <keyword id="42456" type="CITY" weightage="100" keywordseo="ICICI">ICICI</keyword> has also announced varied rates for women and other borrowers for loans above Rs 30 lakh, at 8.5% and 8.55%, respectively. <a href="http://www.businessinsider.in/HDFC-Bank-fourth-quarter-profit-rises-18-percent-bad-loans-stable/articleshow/58298088.cms">HDFC</a>, on the other hand, has kept uniform rates for men and women at 8.5% for loans between Rs 30 lakh and Rs 75 lakh, while for those above Rs 75 lakh, interest would be charged at 8.55%. Also read: <a href="http://www.businessinsider.in/Indians-pay-too-much-interest-on-home-loans-reveals-study/articleshow/57936834.cms">Indians pay too much interest on home loans, reveals study</a> (Image source My Estate Point)

ICICI and HDFC slash home loan interest rate to match SBI

Incorporated in 1955, <keyword id="6354731" type="General" weightage="20" keywordseo="state-bank-of-india" source="Orion">State Bank of India</keyword> has been offering community service banking in India. One of the largest public sector banks in India, SBI is headquartered in Mumbai with its branches proliferated in nooks and corners of the country. Statistics show that <a href="https://www.capitalmarket.com/Company-Information/Information/About-Company/State-Bank-of-India/1375">SBI is the largest</a> state-owned banking and financial services company in the nation with more than 16,000 branches. SBI offers a portfolio of services and provides the most convenient tools, features and facilities for banking to its customers. Forbes magazine has identified SBI as the 10th most reputed company in the world. If you have a Bank Account with SBI (State Bank of India), you can check your account balance in quite a many ways including by dialing the toll-free number, SMS Banking, SBI Quick, Net Banking, Mobile Banking, and by visiting the ATM. <cmsannotation type="cmsannotation" annotationid="SBI Balance enquiry on the Toll-free Number" comment="subhead" text="SBI Balance enquiry on the Toll-free Number">SBI Balance enquiry on the Toll-free Number</cmsannotation> If you are an SBI customer, you can check your account balance through SMS banking services offered by the bank. Through this service, you can get your account balance details or a mini-statement. All that you have to do is to give a missed call or send an SMS from your registered mobile number to the SBI Balance enquiry number (toll free). Within a few seconds, you will get the balance details on your phone. Send SMS “BAL” to 09223766666 You can get your up-to-date SBI account balance information by sending an SMS “BAL” to the number 09223766666 from your registered mobile number. To get a mini statement, you can SMS “MSTMT” to 09223866666. The mini statement you get will have the full details of the last few transactions that happened on your account. <cmsannotation type="cmsannotation" annotationid="Check A/c balance by SBI Net Banking" comment="subhead" text="Check A/c balance by SBI Net Banking">Check A/c balance by SBI Net Banking</cmsannotation> SBI Account holders who have registered for net banking can use this service to check balance. In this process, you need to use your login id and password to log into your net banking account. Through this avenue, you can do balance enquiry, carryout funds transfer, or apply for personal loans, home loans or mortgage loans. SBI SMS Service You can register your mobile number to receive account balance via SMS. To register for this SBI SMS Service facility, follow the steps below. From the mobile number registered with SBI, SMS “REG&lt;space&gt;Account Number” to 09223488888. SBI will send you a message confirming the registration. Once this is done, you can use this service for several purposes including checking SBI account balance, get a mini statement, request for cheque book, get an e-statement, or get an education loan interest certificate or home loan interest certificate. <cmsannotation type="cmsannotation" annotationid="Balance check via mobile apps" comment="subhead" text="Balance check via mobile apps">Balance check via mobile apps</cmsannotation> SBI offers a number of mobile banking apps for the convenience of its customers. Some of the apps of SBI you can download and use on your mobile phone are SBI Anywhere, SBI Quick, SBI Online, and SBI Anywhere Saral (SBI mPassbook). Install any one of these apps on your mobile phone and follow the user friendly instructions for setting up. These apps make banking functions a pleasure and highly convenient experience for SBI customers. <cmsannotation type="cmsannotation" annotationid="Check balance account by SBI ATM Card" comment="subhead" text="Check balance account by SBI ATM Card">Check balance account by SBI ATM Card</cmsannotation> If you are an SBI customer, you can check account balance information at the ATM using the debit card issued by the bank. To know your account balance in this method, visit the SBI ATM and follow the steps below. Swipe your SBI debit card at the ATM When prompted, input the 4-digit ATM PIN Select the option “Balance Enquiry” Complete the transaction Using this method, you can also get the details of last 10 transactions by choosing the option “Mini Statement”. This command will get you the details of the last 10 transactions on your account in printed format. You can use this method to check your balance on the third party non-SBI ATM services also. There is a downside to using the ATM to check your account balance. SBI customers have a limited number of free ATM transactions per month. Once this number is exceeded, any additional transactions at the ATMs will invite a fee. So, it is advisable that you use other methods for balance check.

How to check account balance in SBI with enquiry number

<keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> on Friday announced an <keyword id="413700" type="PERSON" weightage="20" keywordseo="interest-concession">interest concession</keyword> of up to 30 basis points on home loans and a 100 per cent waiver on <keyword id="515211" type="PERSON" weightage="20" keywordseo="processing-fees">processing fees</keyword>. The new home loan interest rates are linked to CIBIL score and start from 6.80 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans above Rs 30 lakh, a bank release said. Women borrowers will get a <keyword id="44979" type="PERSON" weightage="20" keywordseo="concession">concession</keyword> of 5 bps, it said. "With an aim to offer attractive concessions to the home buyers, country's largest lender SBI announces further interest concession of up to 30 bps on home loans and 100 per cent waiver on processing fees," the release said. The bank said interest concession of up to 30 bps is also available in eight metro cities for loans up to Rs 5 crore. Customers can also apply from the ease of their home via <keyword id="6961637" type="COMPANY" weightage="20" keywordseo="yono-app">YONO App</keyword> and get additional interest concession of 5 bps, the release said. "We are pleased to improve our concessions to prospective home loan customers up to March 2021," the bank's managing director (retail and digital banking), C S Setty, said. The lender's eligible existing home loan borrowers can also avail a paperless pre-approved top-up home loan through the YONO App, he added. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/tcs-ongc-tata-power-punjab-national-bank-nhpc-and-other-top-stocks-to-watch/articleshow/80164057.cms" data-type="tilCustomLink">TCS’ market share, ONGC’s borrowing, Tata Power gets new territories⁠— these and other top stocks to watch</a> <a href="https://www.businessinsider.in/tech/news/whatsapp-is-forcing-users-to-share-personal-data-with-facebook-and-elon-musk-is-urging-people-to-switch-to-signal-a-smaller-encrypted-messaging-app/articleshow/80156317.cms" data-type="tilCustomLink">WhatsApp is forcing users to share personal data with Facebook, and Elon Musk is urging people to switch to Signal, a smaller encrypted messaging app</a>

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SBI cuts lending rates and makes home loans cheaper within hours of RBI warning

Katya Naidu

‘FlexiPay’ home loan by SBI comes with 3-5 yrs interest moratorium

BI India Bureau

SBI cuts home loan rate; ICICI offers overdraft

PTI

SBI hikes home loan rates by up to 30 basis points

PTI

ICICI and HDFC slash home loan interest rate to match SBI

BI India Bureau

How to check account balance in SBI with enquiry number

BI India Bureau

SBI offers discounts on home loans, waives of processing fees

PTI

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