State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) by 10 basis points for home loans and others for a tenor of 1 year. The new rates have come into effect from January 15. Notably, SBI currently offers a fixed discount on home loans under its festive offer campaign, which is scheduled to end on January 31, 2023.
According to State Bank Of IndiaThe MCLR has been increased from 8.30 per cent to 8.4 per cent for a period of one year with effect from January 15. MCLR on other tenors has been kept unchanged.
Hence, the 2 year and 3 year MCLR remain at 8.50% and 8.60%. While the MCLR at 8% each remains unchanged for one month and three months tenure. Overnight MCLR unchanged at 7.85%.
Home Loan Rates:
Notably, the bank launched a festive campaign from October 4, just before the Diwali festival. This offer will continue till January 31, 2023.
In this festive offer, the bank is currently giving a discount of 15 bps to 30 bps in various home loan categories. It needs to be noted that SBI home loan rates depend on the CIBIL score of the borrower. Higher your credit score, lower will be the interest rate on the home loan.
Regular Home Loans including Flexipay, NRI, Non-Salaried, Privilege/Shaurya, Upon Home:
SBI is offering a concession of 15 bps on home loans to borrowers with a CIBIL score greater than or equal to 800 – taking the rate to 8.75% from the normal rate of 8.90%. On a credit score of 750 – 799, the general home loan rate is a concession of 25 bps from 9% to 8.75%. Also, on a credit score of 700 -749, the home loan general rate is a concession of 20 bps to 8.90% from 9.10%.
However, home loan rates for credit scores below 700 remain unchanged. Hence, SBI rate is 9.20% on credit score of 650 – 699, 9.40% on score of 550 – 649 and 9.10% on NTC/NO CIBIL/-1.
“Floor Rate: 15 bps below EBR (i.e. 8.75%), currently EBR- 8.90%,” SBI said in its revised offer. Further, it also stated that the rates include 5 bps concession and 5 bps concession available for women borrowers. In addition, these rates are also available for Privilege, Shaurya and Apon Ghar salary account holders.
The bank also said, “A premium of 10 bps will continue to be charged for LTV >80% and <=90% for loans up to Rs 30 lakh."
Top-up Home Loan:
There is a concession of 15 bps on top-up loans for credit score equal to 700 or more than 800.
Under Top Loans have an interest rate of 9.15% on credit scores greater than or equal to 800 with a general rate of 9.30%, while the rate is 9.25% on scores of 750 – 799 with a general rate of 9.40%, and a general rate of 9.50% to score from 700 -749 is 9.35%.
On credit scores below 700, rates are kept unchanged. Therefore, the bank continues to charge a rate of 9.60% on credit scores of 650 – 699; 9.90% on a score of 550 – 649; and 9.50% on NTC/NO CIBIL/-1 score.
Loan Against Property:
SBI gives a concession of 30 bps on credit score equal to or above 700 to 800. Accordingly, the rate is 10.35% higher or equal to 800 as compared to the normal rate of 10.65% on CIBIL, while the rate is 10.45%. Scores from 750 – 799 versus the typical rate of 10.75% on scores; And the rate is at a score of 700 -749 at 10.55% versus the normal rate of 10.85%.
Other rates are unchanged. The bank continues to charge 10.95% on credit scores of 650 – 699; 11.05% on 550 – 649 scores; and 10.85% on NTC/NO CIBIL/-1 score.
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