The State Bank of India (SBI) announced on Saturday that it had reduced the interest rate on home loans to 6.70%.

The lender said mortgage interest rates now start at 6.70% for loans up to ₹ 30 lakh and 6.95% for loans over ₹ 30 lakh to ₹ 75 lakh.

The interest rate on home loans over 75 lakh is 7.05%, the bank said in a statement.

“Affordability for the consumer is increasing dramatically with current mortgage interest rate offerings that drastically reduce EMI (Assimilated Monthly Payment) amounts,” said CS Setty, its Managing Director (Retail and Digital Banking) .

To female borrowers, the bank offers a special concession of five basis points (bps) on mortgage interest rates.

Customers also apply for a loan through the YONO app and get an additional 5 basis point interest concession, the statement said.

The bank was offering home loans at an interest rate from 6.70% until March 31, 2021. From April 1, 2021, it restored the original interest rates from 6.95 %.

The lender holds more than 34% of the mortgage market share. Its mortgage portfolio has crossed the ₹ lakh 5 crore mark.