New Delhi: Ahead of the festive season, the State Bank of India (SBI) has announced that it is offering lucrative discounts on home loans. As part of a special campaign for home loan borrowers, the top bank said it is offering discounts of up to 65 basis points (bps). The last date for the concession on home loans is 31 December 2023, the SBI said on its website. Notably, these concessions are based on the CIBIL score.
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What is CIBIL Score?
Bank customers must note that the CIBIL score is a three-digit numeric summary of a borrower’s credit history. In simple meaning, it is about how well you have managed your finances, like a home loan, personal loan, or credit card, in the past. The value of the Credit Score might range between 300 to 900.
750-800 CIBIL Score
The SBI said for the CIBIL Scores ranging between 750-800 and above, the home loan interest rate during the offer period is 8.60%, a concession of 55 bps.
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700 -749 CIBIL Score
The bank also added that for the CIBIL Scores ranging from 700 to 749, the SBI is offering a discount of 65bps during the offer period. The effective rate during the offer period is 8.7%
550- 699 CIBIL Score
The bank further stated that for CIBIL Scores ranging from 550-699, the bank is not offering any discount. The effective rate is 9.45% and 9.65% respectively.
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151-200 CIBIL Score
And for the CIBIL Scores ranging from 151-200, SBI is offering a discount of 65bps during the offer period. The effective rate during the offer period is 8.7%
Apart from this, the SBI has also listed some of the important points with relation to this special campaign on home loans.
- The bank said that the campaign rates are inclusive of interest concessions available to women borrowers and concessions available at the product level (i.e.. Concessions built into the card rate).
- Moreover, a premium of 10 bps for loans up to 30 lakh for LTV >80% & < =90% shall continue.
- And 5 bps concession on card rates for MaxGain & Realty loans for borrowers with CIBIL Score greater than or equal to 750.
