SBI’s home loan interest rates change from today, benchmark lending rates up by 25 bps
- While SBI raised the marginal cost of funds-based lending rate (MCLR) for 1-year tenure by 10 bps, it has increased rates of external benchmark and repo-linked lending rates by 25 bps each.
Home loan interest rates at the State Bank of India (SBI) have changed from Wednesday onward as the lender hiked lending rates of key benchmarks. While SBI raised the marginal cost of funds-based lending rates (MCLR) by 10 bps across tenure, it has increased rates of external benchmark and repo-linked lending rates by 25 bps each. Following this, home loan EMIs have gone up.
As per SBI's website, the external benchmark lending rate is hiked by 25 bps. Now, the rate of this benchmark is raised to 9.15%+CRP+BSP from the previous 8.90%+CRP+BSP.
Also, SBI has hiked repo linked lending rate by 25 bps as well, taking the rate to 8.75%+CRP from the previous 8.50%+CRP.
Further, SBI has hiked MCLR by 10 bps across tenures.
1-year MCLR is at 8.50% from the previous 8.40%, while 2-years and 3-year MCLR are at 8.60% and 8.70% from the previous 8.50% and 8.60%. On the six-month MCLR, the rate is at 8.40% from the previous 8.30%. MCLR for the three-month and one-month period is at 8.10% each as against the previous 8% each. On the lowest tenure of overnight, MCLR is at 7.95% from the previous 7.85%.
Following the above hike, SBI has also revised home loan interest rates under its campaign offer.
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 30 bps to 40 bps to borrowers with a credit score from 700 to greater or equal to 800.
The lowest rate under the offer is at 8.85% on credit scores greater or equal to 800, from the normal rate of 9.15% -- a concession of 30 bps.
Further, the bank is giving a concession of 40 bps on the credit score of 750 - 799 to 8.85% from the normal rate of 9.25%. Additionally, the bank is levying an 8.95% rate under the offer compared to the normal rate of 9.35%, a concession of 40 bps.
Notably, SBI is also offering a 30 bps concession on home loans for credit score NTC/NO/-1 --- to 9.05% 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, SBI said, a premium of 10 bps for loans up to 30 lacs for LTV >80% & < =90% shall continue. Also, these rates are inclusive of the 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: 10 bps concession over the above-proposed rates to enhance our offerings for serving defence personnel," SBI further added.
Top-up home loans:
Under this category, SBI is offering a concession of 30 bps on credit scores from 700 to 800 and above.
In the campaign offer, SBI gives a 9.25% rate to borrowers whose credit score is greater or equal to 800 compared to the normal rate of 9.55%. While it offers a 9.35% rate on CIBIL 750 – 799 from the normal rate of 9.65%; and 9.45% 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 5 bps concession on card rates for MaxGain & Realty loans (except CRE Loans) for borrowers with CIBIL Score greater than or equal to 750.
These concessions on home loan rates under the campaign offer are valid till March 31, 2023.
Catch all the Business News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsNewsIndiaSBI’s home loan interest rates change from today, benchmark lending rates up by 25 bps
First Published:15 Feb 2023, 12:07 PM IST
- Top Gainers
- Top Losers
- 52 Week High