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SBI Home Loan: The country’s largest public sector bank State Bank of India (SBI) which is also the country’s largest lender. This festive season is providing home loans at concessional rates for the customers. State Bank is offering a discount of 15 basis points to 30 basis points on home loan interest rates to its customers for the period 4 October 2022 to 31 January 2023. SBI’s normal interest rate is between 8.55 percent to 9.05 percent, but according to this festive campaign offer of the bank, the interest rates will be between 8.40 percent to 9.05 percent.
Who will get the discount on SBI home loan
The bank is also offering zero processing fee for SBI regular and top-up home loans. However, it is important to have a good CIBIL score for SBI’s cheap home loans and affordable EMIs. As part of the festive campaign offer, Flexipay is offering Home Loans at an interest rate of 8.40 per cent for regular home loans of the bank including NRIs, Non-Salaried, Privilege or Shaurya, Aapne Ghar – especially for those whose CIBIL score is 800 or above. This rate of 8.40 percent of the bank is 15 basis points less than its normal rate of 8.55 percent.
View new rates according to your CIBIL score
Looking at the offers ahead of this, those with a CIBIL score between 750 – 799 will get a 25 basis point concession on SBI Home Loan. Such people will get home loan at the rate of 8.40 percent instead of 8.65 percent. At the same time, those with CIBIL score between 700 -749 will get a home loan at the rate of 8.55 percent instead of 8.75 percent, which will be a concession of 20 basis points.
What happens to those with low credit scores?
Those with CIBIL score between 1 to 699 and below are not getting any relief on home loan interest. At the same time, SBI Home Loan interest rate is only 8.85 percent for those with a credit score between 650-600. Those with a CIBIL score between 550-649 will get a home loan at the rate of 9.05 per cent. Apart from this, the interest rate of SBI Home Loan will remain at 8.75 percent for those with NTC / NO CIBIL / -1 score. In this festive season, SBI has reduced the floor rate by 15 basis points to 8.40 per cent from the earlier EBR of 8.55 per cent.
Lower rates on top-up home loans and property home loans too
Apart from the regular home loan, SBI has also reduced the rates of top-up home loan and property home loan. There is a huge concession of 15 basis points on top-up home loan and 30 basis points on property home loan. However, to avail this type of home loan discount from SBI, your CIBIL score should also be good.
These discounted rates are only till 31st January
It should be noted that the new home loan rates are applicable only from October 4 to January 31, 2023 and these 8.40 per cent to 9.05 per cent offers are under the festive season. SBI’s normal home loan rates range between 8.55 per cent to 9.05 per cent.
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