SBI Offers Discounts On Interest Rate on Home Loans For Festive Season, Check Latest Deals Here 

State Bank of India (SBI)’s festive offers are here! Since the festive month is approaching, the biggest lender in India is also in a jolly mood and is offering concession of 15 basis points to 30 basis points on its home loans. While the offer is seemingly lucrative for many buyers, it is only available from October 4, 2022 to January 31, 2023. 

While the normal interest rates on SBI home loans range from 8.55 per cent to 9.05 per cent, under the lender’s festive offers, these rates are expected to be lower and must be checked from the bank itself. In addition to this, SBI is also offering zero processing fees on its regular and top-up home loan plans. But, in order to reap benefits of these offers, a person’s CIBIL score will matter. 

SBI Regular Home Loan Rate

According to a report published in Livemint.com, SBI is offering an 8.40 per cent interest rate to borrowers willing to go for regular home loans. These include Flexipay, NRI, non-salaried, apon ghar and so on. However, this rate will only be available to customers with a CIBIL score higher than or equal to 800. Under normal circumstances or non-festive offers, the rate is around 8.55 per cent.  

With regards to people with credit score between 750-799, SBI is offering a 25 basis points concession, which is roughly around 8.40 per cent, instead of the normal rate 8.65 per cent. Additionally, the bank is offering a concession of 20 basis points to borrowers with CIBIL scores of 700-749, which is almost 8.55 per cent, instead of the normal 8.75 per cent. 

SBI has not offered any changes in interest rates on home loans for borrowers with a credit score less than 1 to 699. For them, the interest rate stays at 8.85 per cent, the report said. 

Apart from the available concessional rates, SBI has also reportedly mentioned that these rates are inclusive of a 5 basis points concession available to women borrowers and a 5 basis points concession available for salary account holders of Privilege, Shaurya and Apon Ghar. 

SBI Top-Up Home Loan Rates

For this festive season, SBI is offering 1.5 basis points concession on credit scores between 700 to greater or equal to 800, as per Livemint.com. For borrowers with credit score greater or equal to 800, the interest rate is around 8.80 per cent, instead of the normal 8.9 per cent. 

For credit scores less than 1 to 699, the interest rates are unchanged, similar to the case of regular home loan rates.