State Bank of India’s home loan book has crossed the Rs 6 trillion mark, adding one trillion since January 2021.

The country’s largest lender has become the first to achieve the Rs 6 trillion milestone in the residential home category.

To mark the occasion, the largest home loan provider has announced a festive offer for home loan buyers, offering up to 25 basis points discount on interest rate starting at 8.40% and also waiver of the processing fee till January 31, 2023. The lower interest will also be applicable to balance transfers.

As a 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 loans against property. The offer also includes waiving off the processing fees up to January 31, 2023.

Commenting on the milestone, SBI chairman Dinesh Khara said the bank has over 28 lakh home loan customers.

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

Meanwhile, HDFC Ltd, India’s largest mortgage lender said it was also offering discounted interest rates to new borrowers to the tune of 20 bps, or at 8.4%.

According to HDFC website, the festive offer is valid up to 30 November and the low rate will be applicable to those borrowers who have a minimum credit score of 750.