State Bank of India’s (SBI) home loan offers will end in less than two months during this festive season. The festive offer, which started on October 4, will end on January 31, 2023. Under this offer, SBI is giving a discount ranging from 15 basis points to 30 basis points. Home loan interest rates are as low as 8.40%. The bank has also waived off the processing fee for regular home loans and top-up loans. It needs to be noted that, SBI home loan rates vary from borrower to borrower based on their CIBIL score. The better your credit score, the lower the home loan interest rates.
Let us check out the home loan rates offered by SBI:
Regular Home Loan:
According to SBI’s website, the lender is offering a concession of 15 basis points to borrowers whose credit score is greater than or equal to 800 at 8.40%. festive offer As against the normal rate of 8.55%. While the bank is offering a concession of 25 basis points on credit scores between 750 to 799, with the interest rate coming to 8.40% as against 8.65%. 20 basis points concession is provided on cibil score 700 to 749 with the interest rate on home loans at 8.55% from the normal rate of 8.75%.
Floor rate is 15 bps less than EBR i.e. 8.40%. The EBR is currently 8.55%.
No change in interest rate home loans For borrowers whose credit score is less than 700. The rate remains at 8.85% on CIBIL scores between 650 – 699, 9.05% on 550 – 649 credit scores and 8.75% on NTC/NO CIBIL/-1.
SBI has said that the concessional rates include 5 bps concession available for women borrowers and 5 bps concession available for salary account holders for Privilege, Shaurya and Apon Ghar. Also, a premium of 10 bps will continue to be charged for loans up to Rs.30 lakh for LTV >80% and <=90%.
Top-up Home Loan:
SBI is offering a concession of 15 basis points on credit scores above 700 to 800.
On credit score greater than or equal to 800, SBI’s rate is normal 8.95% to 8.80%, while the rate is 9.05% to 8.90% on 750 – 799 score and 9.15% to 9% on 700 -749 score.
Rates remain unchanged at 9.25% on CIBIL scores of 650 – 699, 9.55% on scores of 550 – 649 and 9.15% on NTC/NO CIBIL/-1 scores.
Loan Against Property:
The bank’s maximum concession on home loan against property at certain credit scores is 30 basis points. Borrowers with a credit score greater than or equal to 800 will pay an interest rate of 10% from the general rate of 10.30%, while the rate is 10.10% on scores between 750-799, and 10.20% from the general rate of 10.10% . On scores between 700-749 to 10.20% at the normal rate of 10.50%.
As above, other rates are unchanged. The bank continues to charge 10.60% on scores between 650-699, 10.70% on scores 550-649 and 10.505 on NTC/NO CIBIL/-1.
Also, SBI said that no other concession will be applicable during the campaign period.
Talking about processing fee, SBI has levied zero fee on regular and top-up home loans during the festive campaign. However, for home loan against property, SBI charges a flat processing fee 10,000 plus applicable GST.
So if you are looking to buy your dream home in the coming days and are looking for affordable home loan interest rates, you might want to check out SBI’s festive offer.
catch all business News, market news, today’s fresh news events and breaking news Update on Live Mint. download mint news app To get daily market updates.