The festive season home loan offer from State Bank of India (SBI) will expire in less than two months. The festive offer which started on October 4 is set to end on January 31, 2023. SBI is offering discounts in the range of 15 to 30 basis points as part of this offer.
The interest rates on home loans are as low as 8.40 per cent. Additionally, the bank has waived processing fees for both regular and top-up home loans. Notably, the rates for SBI’s home loans vary from borrower to borrower depending on their CIBIL score.
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Three types of loans are being offered by SBI. Check it out:
Regular Home Loans
According to SBI’s website, the lender is offering a 15 basis point discount to borrowers with credit scores greater or equal to 800 to 8.40 per cent under the festive offer, compared to the general rate of 8.55 per cent. While the interest rate is 8.40 per cent as opposed to 8.65 per cent, the bank is offering a 25 basis point discount on 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 home loans from 8.75 per cent to 8.55 per cent.
The floor rate, or 8.40 per cent, is 15 basis points less than the EBR. EBR is currently 8.55 per cent.
For borrowers with credit scores below 700, the interest rate on home loans remains the same. The rate is still 8.85 per cent for CIBIL scores between 650 and 699, 9.05 per cent for CIBIL scores between 550 and 649, and 8.75 per cent for NTC/NO CIBIL/-1.
According to SBI, the discounted rates include a 5 bps discount for female borrowers and a 5 bps discount for those who have salary accounts for Privilege, Shaurya, and Apon Ghar. Additionally, the previously charged premium of 10 bps for loans up to 30 lacs with LTV > 80 per cent & = 90 per cent will continue.
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Top-Up Home Loans
SBI is offering a 15 basis point discount on credit scores between 700 and 800.
SBI’s rate is 8.80 per cent on credit scores greater than or equal to 800, down from the standard 8.95 per cent, while rates are 8.90 per cent on scores between 750 and 799 and 9 per cent on scores between 700 and 749.
The rates remain at 9.25 per cent for those with a CIBIL score of 650 to 699, 9.55 per cent for those with a score of 550 to 649, and 9.15 per cent for those with a score of NTC/NO CIBIL/-1.
Loans Against Property
The bank offers the highest concession on home loans against property on certain credit scores, at 30 basis points. Borrowers with credit scores above or equal to 800 will pay an interest rate of 10 per cent instead of the standard 10.30 per cent, while those with scores between 750 and 799 will pay a rate of 10.10 per cent instead of the standard 10.40 per cent, and those with scores between 700 and 749 will pay a rate of 10.20 per cent instead of the standard 10.50 per cent.
The other rates remain the same as they were above. The bank continues to charge a rate of 10.60 per cent for scores between 650 and 699, 10.70 per cent for scores between 550 and 649, and 10.505 for NTC/NO CIBIL/-1.
Additionally, SBI stated that no other concessions would be valid during the campaign.
Regarding processing fees, SBI has waived all fees for both regular and top-up home loans during the holiday campaign. SBI, however, has imposed a flat processing fee of Rs 10,000 plus any applicable GST for home loans secured by real estate.
