New Delhi: The Christmas season home loan promotion from the State Bank of India (SBI) will expire in less than two months. The holiday promotion started on October 4 and is set to finish on January 31, 2023. SBI is providing discounts between 15 and 30 basis points as part of its promotion. The interest rates on mortgages are as low as 8.40 percent. Additionally, the bank has waived processing fees for both regular and top-up house loans. The rates for SBI’s house loans fluctuate from borrower to borrower depending on their CIBIL score, it should be mentioned.
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The interest rates on house loans are lower the higher your credit score is. Here’s the list of interest rates, the behemoth is offering.
According to the SBI website, the lender would reduce the interest rate for customers with credit scores of at least 800 points from 8.55 percent to 8.40 percent throughout the holiday season. While the interest rate is 8.40 percent as opposed to 8.65 percent, the bank is offering a 25 basis point discount for credit scores between 750 and 799.
For CIBIL scores between 700 and 749, a 20 basis point discount is offered, lowering the interest rate on house loans from 8.75 percent to 8.55 percent.
For consumers with credit scores below 700, the interest rate on house loans remains the same. The rate is still 8.85 percent for CIBIL scores between 650 and 699, 9.05 percent for CIBIL scores between 550 and 649, and 8.75 percent for NTC/NO CIBIL/-1.
