SBI gives 30-55 bps concession on various home loan rates, first disbursement to be done by 31 Mar

The fiscal year FY23 is coming to an end, and the largest lender State Bank of India (SBI) is offering a host of concessions in various home loan interest rates whose first disbursement in the loan account is to be done by March 31st. SBI gives 30 bps to as maximum as 55 bps concession on home loan rates either regular, top-up, or loan against property. These concessions are offered under SBI's campaign rates offer.

Under the campaign rates, regular home loan rates are as cheaper as 8.70% compared to the normal rate of 9.15%. While under top-loan, the rates are as low as 9.10% compared to the normal rate of 55%. Similarly, the loan against property has an interest rate as low as 10.60% compared to the normal rate of 10.90% under the offer.

It needs to be noted that SBI's home loan concessions vary depending on your credit score.

Latest SBI home loan rates:

Regular Home loan, Flexipay, NRI, Non-Salaried, Privilege, APON Ghar:

Under the campaign offer, SBI is giving a concession of 45 bps to 55 bps to borrowers with a credit score from 700 to greater or equal to 800.

The lowest rate under the offer is at 8.70% on credit scores greater or equal to 800, from the normal rate of 9.15% -- a concession of 45 bps.

Further, the bank is giving a concession of 55 bps on the credit score of 750 - 799 to 8.70% from the normal rate of 9.25%. Additionally, the bank is levying an 8.80% rate under the offer for a credit score between 700-749 compared to the normal rate of 9.35%, a concession of 55 bps.

Also, SBI is offering a 55 bps concession on home loans for credit score NTC/NO/-1 --- to 8.80% compared to the normal rate of 9.35%.

Other rates are unchanged. The interest rate remains the same at 9.45% on credit scores of 650 - 699; and at 9.65% on the credit score of 550 - 649.

In its campaign rates, said, for Shaurya & Shaurya Flexi Product: 10 bps concession over the above-proposed rates (Not applicable for takeover cases/resale / ready to move in cases, wherein, separate concessions are available).

Further, for HL Takeovers & Resale / Ready to Move Properties: 20 bps concession over the above rates (For CIBIL Score of 700 and above).

Additionally, SBI said that the rates are inclusive of a 5bps concession available to women borrowers and a 5 bps concession available for salary account holders for Privilege and Apon Ghar.

Lastly, the premium of 10 bps for loans up to 30 lacs for LTV >80% & < =90% shall continue.

Top-up home loans:

Under this category, SBI is offering a concession of 45 bps on credit scores from 700 to 800 and above.

In the campaign offer, SBI gives a 9.10% rate to borrowers whose credit score is greater or equal to 800 compared to the normal rate of 9.55%. While it offers a 9.20% rate on CIBIL 750 – 799 from the normal rate of 9.65%; and 9.30% on CIBIL score of 700 -749 from the normal rate of 9.75%.

The rest of the interest rates on home loans are unchanged. SBI continues to levy 9.85% on 650 – 699 credit scores; 10.15% on 550 – 649 credit scores; and 9.75% on NTC/NO CIBIL/-1.

Additionally, SBI is offering a 20 bps concession over the above rates to be accorded for Top Up Loans associated with Takeover loans. (For CIBIL Score of 700 and above).

Loan against property:

The bank is offering 30 bps concession on loan against property for credit scores from 700 to equal or greater to 800.

Borrowers whose credit score is equal to or greater than 800, will face an interest rate of 10.60% on P-LAP under the campaign offer compared to the normal rate of 10.90%. The rate would be 10.70% on 750-799 credit scores from the normal rate of 11%, and it would be 10.80% on 700-749 scores as against the normal rate of 11.10%.

Remaining rates are kept unchanged on credit scores lower than 700. SBI imposes 11.20% on 650-699 credit scores, 11.30% on 550-649 credit scores, and 11.10% on NTC/NO CIBIL/-1 scores.

Also, SBI said, a 5 bps concession on card rates for MaxGain & Realty loans (except all types of CRE Loans) for borrowers with CIBIL Score greater than or equal to 750.

The first disbursement in the loan account is to be done by March 31, 2023, it said.