State Bank of India (SBI), the largest lender in India, is providing a 15 to 30 basis point discount on its home loans from October 4, 2022, to January 31, 2023. SBI home loans typically have interest rates between 8.55% and 9.05%. While the rates are lower under the bank's holiday campaign offer, they range from 8.40% to 9.05%. The regular and top-up home loans offered by SBI have no processing fees. Your CIBIL score, however, matters in order to get the best rate and EMIs.
For regular home loans such as Flexipay, NRI, Non-salaried, Privilege/Shaurya, Apon Ghar, etc., the bank is offering borrowers with a CIBIL score higher than or equal to 800 an 8.40% interest rate as part of the holiday campaign. This is 15 basis points less than the typical rate, which is 8.55%.
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Additionally, borrowers with credit scores between 750 and 799 receive a 25 basis point discount, lowering their rate from 8.65% to 8.40%. Additionally, a 20 basis point discount is provided for CIBIL scores between 700 and 749, which lowers the interest rate from 8.55% to 8.75%.
The interest rates on home loans for borrowers with credit scores between 1 and 699 are unchanged. For borrowers with credit scores between 650 and 600, the interest rate is 8.85%; for those with scores between 550 and 649, it is 9.05%; and for those with NTC/NO CIBIL/-1 scores, it is 8.75%.
SBI reduced its floor rate for this holiday season by 15 basis points, to 8.40%, as opposed to the EBR of 8.55%.
Additionally, according to SBI, the concessional rates include a 5 basis point discount for women borrowers and a 5 basis point discount for people who have salary accounts for Privilege, Shaurya, and Apon Ghar. Additionally, it stated that a premium of 10 basis points would continue to be charged for loans up to Rs. 30 lacs with LTVs of 80% and lower.
It should be noted that the new home loan rates, which range from 8.40 to 9.05 percent, are only valid for the holiday season, from October 4, 2022, to January 31, 2023. While the actual standard home loan rates are between 8.5 and 9.0 percent.
