SBI gives 30-40 bps concessions on home loan rates, offer valid till Mar-end
2 min read . Updated: 29 Jan 2023, 11:42 AM IST
Premium- SBI is offering as low as 8.60% interest rate on regular home loans to customers under the new offer. However, it needs to be noted that SBI's home loan rates vary depending upon credit scores.
After its festive offer, largest public sector lender, State Bank of India (SBI) has launched a new offer named as 'campaign rates' under which it is giving 30 to 40 bps concessions on home loan interest rates. The offer is valid till March 31, 2023. SBI is offering as low as 8.60% interest rate on regular home loans to customers under the new offer. However, it needs to be noted that SBI's home loan rates vary depending upon credit scores.
Here are the new interest rates on home loans.
1. Regular Home Loan:
Here, SBI is giving the highest concessions on home loan rates to the tune of 30 to 40 bps. However, these concessions are applicable on credit scores starting 700 to greater than or equal to 800.
SBI's home loan rate is 8.60% under the campaign rates offer -- a 30 bps concession from the normal rate of 8.90% on CIBIL score of greater than or equal to 800. The bank is offering 40 bps concessions each on credit scores of 750 - 799 and 700 -749 --- taking the rates to 8.60% and 8.70% --- compared to the normal rates of 9% and 9.10% respectively.
Notably, SBI is also giving a 30 bps concession to borrowers with scores of "NTC/NO CIBIL/-1" with home loan rate coming at 8.80% from the normal rate of 9.10%.
Home loan rates on credit score of 650 - 699 is unchanged at 9.20%, while rates are also same at 9.20% on scores of 550 - 649.
In its statement, SBI said, premium of 10 bps for loans upto 30 lacs for LTV >80% & < =90% shall continue.
Also, that these rates are inclusive of 5bps concession available to women borrowers and 5 bps concession available for salary account holders for Privilege and Apon Ghar.
For Shaurya & Shaurya Flexi Product, a 10 bps concession over the above proposed rates is offered to enhance its offerings for serving defence personnel.
Top-up loan:
SBI has announced 30 bps concessions each on credit scores between 700 to greater than or equal to 800.
Under the campaign rates offer, SBI's top loan rate is 9% on scores of greater than or equal to 800 -- compared to the normal rate of 9.30%. While the rate is 9.10% on scores of 750-799 to 9.10% from the normal rate of 9.40%. Lastly, the rate is 9.20% on credit scores of 700-749 to 9.20% from the normal rate of 9.50%.
The rates are unchanged at 9.60% on scores of 650-699, at 9.90% on scores of 550-649, and at 9.50% on NTC/NO CIBIL/-1 scores.
Further, SBI is giving 5 bps concession on card rates for MaxGain & Realty loans (except CRE Loans) for borrowers with CIBIL Score greater than or equal to 750.
Not just these concessions, but SBI has also waived off processing fees on regular and top-up home loans.
Earlier, the bank had launched a festive offer which began from October 4, 2022 and to end by January 31, 2023.
