India’s largest lender State Bank of India (SBI) will offer home loans at 15-25 basis point lower rates to borrowers, the government-owned lender said. Focused on tapping the festive spirit, the discount offer by SBI will enable borrowers with high credit score to get home loans at below the standard rate. The festive offer by SBI is valid from October 4, 2022, to January 31, 2022.
What are the festive rates?
For regular home loan, including Flexipay, NRI, non-salaried, Privilege/Shaurya and Apon Ghar, the lowest rate SBI has been offering is 8.55% while the highest rate stands at 9.05%. With the festive discount, home loan at the public lender will now be available at 8.40% if your credit score is 800 and above.
For those with a credit score ranging between 750-799, the concession is of 25 basis points—borrowers falling in this score range will also pay only 8.40% interest on new home loans as against the standard 8.65%. Borrowers with credit score of 700-749 will get a 20-basis point discount and pay 8.55% interest on home loans. No discount is being offered to borrowers with credit score from 699 and below.
SBI festive home loan rate card
For top-up loans
For loans against property
SBI home loan processing fee waiver
The public lender will also not charge any processing free from borrowers applying for home loans and top-up loans between October 4, 2022, and January 1, 2023.
An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.
In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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