SBI offers 30-40 bps concessions on home loan rates till March 31

State Bank of India (SBI), the largest lender in the public sector, has introduced a new promotion after its holiday offer called "campaign rates," as part of which it is reducing home loan interest rates by 30 to 40 basis points. The promotion is valid until March 31, 2023. Under the new deal, SBI is providing clients with an interest rate as low as 8.60% on standard house loans. It should be noted, however, that SBI's house loan rates fluctuate depending on credit score.

Home loan

SBI is offering rates on residential loans at the biggest discounts, between 30 and 40 bps. These exemptions, however, only apply to credit scores starting at 700 and going up to or equivalent to 800.

Under the campaign rates offer, SBI's home loan rate is 8.60%, which is a 30 bps reduction from the standard rate of 8.90% on a CIBIL score of at least 800. On credit scores between 750 and 799 and 700 and 749, the bank is providing 40 basis points in concessions, bringing the rates down to 8.60% and 8.70%, respectively, from the standard rates of 9% and 9.10%.

Notably, SBI is also granting borrowers with scores of "NTC/NO CIBIL/-1" a 30 bps concession, bringing down their house loan rate from 9.10% to 8.80%.

Home loan rates on credit scores between 650 and 699 remain steady at 9.20%, while rates on scores between 550 and 649 remain stable at 9.20%.

SBI stated in its statement that the premium of 10 basis points for loans up to 30 lacs for LTV >80% & =90% will be maintained.

Furthermore, these rates include a 5bps concession for female borrowers and a 5bps concession for salary account holders for Privilege and Apon Ghar.

To strengthen its products for serving defence personnel, Shaurya and Shaurya Flexi Product are being offered a 10 basis point reduction above the above-proposed rates.

Top-up loan

SBI has offered 30 basis point discounts on credit scores ranging from 700 to greater than or equivalent to 800.

SBI's top lending rate is 9% for scores greater than or equal to 800 under the campaign rates, compared to the standard rate of 9.30%. While the rate on scores of 750-799 is 9.10%, it is lower than the usual rate of 9.40%. Finally, the rate is reduced from 9.50% to 9.20% on credit scores of 700-749.

The rates remain at 9.60% for scores of 650 to 699, 9.90% for scores of 550 to 649, and 9.50% for scores of NTC/NO CIBIL/-1.

Additionally, SBI is offering borrowers with a CIBIL Score of 750 or higher a 5 basis point discount on card rates for MaxGain & Realty loans (apart from CRE Loans).

In addition to these benefits, SBI has waived processing fees for both regular and top-up house loans.

The bank had previously announced a holiday promotion that will run from October 4, 2022, until January 31, 2023.