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Festive offer: SBI gives 15-30 bps concession on home loans till Jan-2023 end. Your CIBIL score matters


This festive season, the largest lender in India, State Bank of India (SBI) is offering concession of 15 basis points to 30 basis points on its home loans from October 4, 2022, to January 31, 2023. The normal interest rates on SBI home loans range from 8.55% to 9.05%. While under the bank’s festive campaign offer, the rates are cheaper from 8.40% to 9.05%. There are zero processing fees on SBI’s regular and top-up home loans. However, to avail of the lowest rate and cheaper EMIs, your CIBIL score matters.

SBI regular home loans rates

Under the festive campaign, for regular home loans including Flexipay, NRI, Non-salaried, Privilege/Shaurya, Apon Ghar, etc. the bank is offering an 8.40% interest rate to borrowers with a CIBIL score greater than or equal to 800. This is lower by 15 basis points compared to a normal rate of 8.55%.

Further, a 25 basis points concession is given to borrowers with a credit score between 750 – 799 to 8.40% compared to the normal rate of 8.65%. Additionally, a concession of 20 basis points is offered on CIBIL scores of 700 -749 taking the interest rate to 8.55% against the normal rate of 8.75%.

There is no change in interest rates on home loans for borrowers having credit scores less than 1 to 699. The interest rate stays at 8.85% on home loans to borrowers having credit scores between 650-600, while the rate is 9.05% on scores between 550-649, and 8.75% on NTC/NO CIBIL/-1 scores.

For this festive season, SBI lowered its floor rate by 15 basis points to 8.40% compared to the EBR of 8.55%.

Also, SBI stated that the concessional rates are inclusive of a 5 basis points concession available to women borrowers and a 5 basis points concession available for salary account holders for Privilege, Shaurya & Apon Ghar. Further, it added, premium of 10 basis points for loans up to 30 lacs for LTV >80% & < =90% shall continue to be charged hitherto.

It needs to be noted that the new home loan rates from 8.40 to 9.05% are only applicable from October 4, 2022, to January 31, 2023 – for the festive season. While the actual normal home loan rates range from 8.55% to 9.05%.

SBI top-up home loans rates

Under top-up loans, for this festive season, SBI is offering 15 basis points concession on credit scores between 700 to greater or equal to 800.

For credit score greater or equal to 800, the interest rate is cheaper to 8.80% under this festive campaign compared to the normal rate of 8.95%, while the rate is 8.90% on credit score between 750 to 799 from the normal rate of 9.05%. Further, the rate is 9% compared to the normal rate of 9.15% on credit scores from 700-749.

The remaining rates are unchanged on credit scores from less than 1 to 699. The bank levied 9.25% on scores from 650-699, while a 9.55% rate is imposed on scores from 550-649. The rate is 9.55% imposed on credit scores NTC/NO CIBIL/-1.

SBI loan against property rates

For this festive campaign, SBI is offering a massive 30 basis points concession on home loans against the property on certain credit scores.

To borrowers with greater or equal to 800 credit scores, SBI is giving a 10% rate from the normal 10.30% rate, while the rate is 10.10% on scores between 750-799 from the normal rate of 10.40%, and 10.20% on scores between 700-749 to 10.20% from the normal rate of 10.50%.

Other interest rates are unchanged. The bank continues to levy a 10.60% rate on scores between 650-699, a 10.70% rate on 550-649 scores, and 10.505 on NTC/NO CIBIL/-1.

Here, SBI said, no other concession shall be applicable during the campaign period.

Processing fee waived off:

SBI has zero processing fee during the festive campaign on regular and top-up home loans. But for home loans against property, SBI has imposed a flat processing fee of 10,000 plus applicable GST.

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