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Festive offer: SBI grants a concession of 15 to 30 basis points on home loans until the end of January 2023. Your CIBIL score matters

By on October 9, 2022 0

This festive season, the largest lender in India, State Bank of India (SBI) is offering a concession of 15 basis points to 30 basis points on its home loans from October 4, 2022 to January 31, 2023. Interest rates Normal SBI home loans range from 8.55% to 9.05%. While under the bank’s festive campaign offer, rates are cheaper by 8.40% to 9.05%. There are no processing fees on SBI Regular and Supplemental Home Loans. However, to benefit from the lowest rate and the cheapest EMI, your CIBIL score is important.

SBI Home Loan Regular Rates

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

In addition, a concession of 25 basis points is given to borrowers with a credit rating between 750 – 799 at 8.40% compared to the normal rate of 8.65%. In addition, a concession of 20 basis points is offered on CIBIL scores from 700 to 749 bringing 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 with credit scores below 1 to 699. The interest rate remains at 8.85% on home loans to borrowers with credit scores between 650 and 600, while the rate is 9.05% on scores between 550-649, and 8.75% on NTC/NO CIBIL/-1 scores.

For this festive period, SBI lowered its floor rate by 15 basis points to 8.40% against an EBR of 8.55%.

Additionally, SBI said that the preferential rates include a 5 basis point concession available for female borrowers and a 5 basis point concession available for salary account holders for Privilege, Shaurya & Apon Ghar. In addition, he added, a 10 basis point premium for loans up to 30 lacs for LTV >80% and

Note that the new mortgage rates of 8.40 to 9.05% are only applicable from October 4, 2022 to January 31, 2023 – for the end of year celebrations. While the actual rates for normal home loans vary from 8.55% to 9.05%.

Rates of additional SBI real estate loans

As part of the complementary loans, for this festive season, SBI is offering a concession of 15 basis points on credit scores between 700 and greater than or equal to 800.

For a credit score of 800 or above, the interest rate is cheaper at 8.80% in this festive campaign compared to the normal rate of 8.95%, while the rate is 8, 90% on a credit score between 750 and 799 compared to the normal rate of 9.05%. In addition, the rate is 9% compared to the normal rate of 9.15% on credit scores from 700 to 749.

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

SBI loan against real estate rate

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

For borrowers with credit scores of 800 or higher, SBI grants a rate of 10% from the normal rate of 10.30%, while the rate is 10.10% on scores between 750 and 799 10.40% from the normal rate and 10.20% on odds between 700-749 at 10.20% from the normal rate of 10.50%.

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

Here, the SBI said, no further concessions will apply during the campaign period.

Waived processing fee:

SBI has no processing fees during the festive campaign on regular and top-up home loans. But for home loans against property, SBI imposed a flat processing fee of 10,000 plus applicable GST.

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