SBI home loan interest rates hiked from today, but there’s a catch. details here

Let us see how much interest rates will be charged on home loan!

SBI External Benchmark Lending Rate:

According to the website, the EBLR has been increased to 8.90 per cent + Credit Risk Premium (CRP) + BSP with effect from December 15. This is an increase of 35 bps from the previous rate of 8.55%.

Apart from this, the banker extended the repo link lending rate Also 8.50% plus CRP by 35 bps as against 8.15% earlier.

SBI MCLR Rates:

For this lending rate benchmark, SBI has increased interest rates by 25 bps throughout the tenure. 1 year and six months MCLR Now at 8.30% each as against the previous 8.05% each, while the two-year and three-year MCLR with effect from December 15 come to 8.50% and 8.60%, respectively, as against the previous 8.25% and 8.35%.

Meanwhile, the three-month and one-month MCLR comes at 8% as compared to the previous 7.75%. Overnight MCLR stands at 7.85% from the previous 7.60%.

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SBI Home Loan Interest Rates:

The bank had launched a festive campaign from October 4, just before the Diwali festival. This offer will continue till January 31, 2023.

below festive offerThe bank is currently offering a concession ranging from 15 bps to 30 bps across various home loan categories. Although the rates have increased before 15 December.

For example, earlier, the floor rate was 8.55% which is an external benchmark rate plus spread, and under the festive offer, there was a concession of 15 bps, bringing the rate down to 8.40%.

Now the floor rate has increased by 35 bps to 8.90% with effect from 15th December. And hence, under the festive offer, the home loan rate comes down to around 8.75%—which is an increase of 35 bps from the previous rate of 8.40%. therefore, your EMI are grown!

However, it needs to be noted that SBI continues to offer 15 bps to 30 bps concessions on its home loan rates.

Borrowers who opt for SBI home loans will get these concessions on their interest rates till January 31, 2022. That being said, the normal rate of 8.75% versus the normal rate of 8.90% is available only till January 31. Furthermore, to enjoy the least home loan ratesA borrower needs to know that their credit score will matter.

Here are the latest SBI home loan rates under the festive offer:

Regular Home Loans including Flexipay, NRI, Non-Salaried, Privilege/Shaurya, Upon Home:

SBI is offering a concession of 15 bps to borrowers on home loans 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 (ie 8.75%), currently EBR- 8.90%,” SBI said in its revised festive 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.

Lastly, it said, “A premium of 10 bps will continue to be charged for loans up to ₹30 lakh for LTV >80% and <=90%."

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.

From December 15, top loans have an interest rate of 9.15% from a normal rate of 9.30% on credit scores greater than or equal to 800, while rates from a normal rate of 9.40% to 9.25% on scores of 750 – 799. Is. And the rate is 9.35% on a score of 700 -749 from the normal rate of 9.50%. The rest of the rates are unchanged.

The bank continues to charge 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:

A concession of 30 bps is given if the credit score is equal to 00 or greater than 800.

Accordingly, the rate is 10.35% higher or equal to 800 as against the normal rate of 10.65% on CIBIL, while the rate is 10.45% versus the normal rate of 10.75% on a score of 750 – 799; 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.

Processing Fee Waiver:

The bank has waived off the processing fee on home loans and top-up loans under the festive offer. While the bank has recovered the flat 10,000 plus GST applicable on loan against property.