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State Bank of India’s (SBI) home loan offer during this festive season will end in less than two months. The festive offer which began on October 4, is scheduled to end on January 31, 2023. Under this offer, SBI is giving concessions ranging from 15 basis points to 30 basis points. The home loan interest rates are as low as 8.40%. The bank has also waived processing fees for regular home loans and top-up loans. It needs to be noted that, SBI’s home loan rates vary from borrower to borrower depending upon their CIBIL score. The better your credit score, the lower the interest rates on home loans.
Let’s check out the home loan rates that SBI is offering:
Regular home loans:
As per SBI’s website, the lender is giving a concession of 15 basis points to borrowers whose credit score is greater or equal to 800 to 8.40% under the festive offer compared to the general rate of 8.55%. While the bank is giving a 25 basis points concession on credit scores between 750 to 799, with the interest rate coming at 8.40% as well compared to 8.65%. A 20 basis points concession is provided on CIBIL score between 700 to 749 with an interest rate on home loans at 8.55% from the normal rate of 8.75%.
The floor rate is 15 bps lower than EBR i.e. 8.40 %. EBR at present is 8.55%.
There is no change in the interest rate on home loans for borrowers whose credit score is below 700. The rate continues to be at 8.85% on CIBIL scores between 650 – 699, at 9.05% on 550 – 649 credit scores, and at 8.75% on NTC/NO CIBIL/-1.
SBI has said that the concessional rates are inclusive of a 5bps concession available to women borrowers and a 5 bps concession available for salary account holders for Privilege, Shaurya & Apon Ghar. Also, the premium of 10 bps for loans up to 30 lacs for LTV >80% & < =90% shall continue to be charged hitherto.
Top-up home loans:
SBI is giving a concession of 15 basis points on credit scores from 700 to greater than 800.
On credit score greater or equal to 800, SBI’s rate is 8.80% from the normal 8.95%, while the rate is 8.90% on 750 – 799 score from 9.05%, and at 9% on 700 -749 score from 9.15%.
The rates are unchanged at 9.25% on a CIBIL score of 650 – 699, at 9.55% on scores of 550 – 649, and 9.15% on a score of NTC/NO CIBIL/-1.
Loan against property:
The bank’s concession is highest at 30 basis points on home loans against the property on certain credit scores. Borrowers having a credit score of greater or equal to 800 will pay an interest rate of 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%.
Just like above, other 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.
Also, SBI said that no other concession shall be applicable during the campaign period.
Coming to a processing fees, SBI has levied zero charges during the festive campaign on regular and top-up home loans. However, for home loans against property, SBI has imposed a flat processing fee of ₹10,000 plus applicable GST.
So if you are looking to buy your dream house in the coming days and are looking for cheaper home loan interest rates, then you might want to check out SBI’s festive offer.
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