After its festive offer, the largest public sector lender, State Bank of India (SBI) has launched a new offer called ‘campaign rates’ under which it will give a concession of 30 to 40 bps on home loan interest rates. Used to be. This offer is valid till March 31, 2023. SBI is offering 8.60% interest rate on regular home loans to customers under the new offer. However, it needs to be noted that SBI home loan rates vary on the basis of credit score.
Here are the new interest rates on home loans.
1. Regular Home Loan:
Here, State Bank Of India offering the most discounts on home loan Rates to the tune of 30 to 40 bps. However, these concessions are applicable for credit scores starting from 700 to more than or equal to 800.
SBI’s home loan rate under the campaign rates offer is 8.60% – a 30 bps concession from the normal rate of 8.90% on CIBIL scores greater than or equal to 800. The bank is offering a 40 bps concession each on credit scores of 750 – 799 and 700 -749—compared to normal rates of 9% and 9.10% respectively—taking the rates to 8.60% and 8.70%.
Notably, SBI is also offering a 30 bps concession to borrowers with “NTC/No CIBIL/-1” score with the home loan rate coming down to 8.80% from the normal rate of 9.10%.
Home loan rates on credit scores of 650 – 699 are unchanged at 9.20%, while rates on scores of 550 – 649 are also the same at 9.20%.
The premium of 10 bps for loans up to Rs 30 lakh will continue for LTV >80% and <=90%, SBI said in its statement.
In addition, these rates include 5 bps concession available to women borrowers and 5 bps concession the wages Privilege and Apon Ghar account holders.
For Shaurya and Shaurya Flexi product, a concession of 10 bps is offered on the above proposed rates to extend its offering to serving defense personnel.
Top-up Loan:
SBI has announced 30 bps concessions on credit score above 700 or equal to 800.
Under the campaign rates offer, SBI’s top loan rate is 9% on scores greater than or equal to 800, compared to the normal rate of 9.30%. While on a score of 750-799 the rate is 9.10% against the normal rate of 9.10% to 9.40%. Lastly, the rate ranges from 9.20% to 9.20% on credit scores of 700-749, with a general rate of 9.50%.
Rates remain unchanged at 9.60% on scores of 650-699, 9.90% on scores of 550-649 and 9.50% on NTC/NO CIBIL/-1 scores.
In addition, SBI is offering a 5 bps concession on card rates for MaxGain and Realty loans (excluding CRE loans) for borrowers with a CIBIL score greater than or equal to 750.
Not just these concessions, but SBI has also waived off the processing fee on regular and top-up home loans.
Earlier, the bank had launched a festive offer which would start from October 4, 2022 till January 31, 2023.
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