Thursday, February 22, 2024

SBI Home Loan is giving at affordable rates, how long is the offer, how to take advantage – know

SBI Home Loan: Country’s largest state-run bank State Bank of India (SBI) which is also the country’s largest lender. This festive season is providing home loans to customers at concessional rates. State Bank is offering a discount of 15 bps to 30 bps on home loan interest rates to its customers for the period from October 4, 2022, to January 31, 2023. SBI’s normal interest rate ranges from 8.55 percent to 9.05 percent, but according to the festive campaign proposal of the bank, the interest rates will be in the range of 8.40 percent to 9.05 percent.

Who will get discount on

SBI Home Loan The bank is also offering zero processing fees for SBI’s regular and top-up home loans. However, it is important to have a good CIBIL score for cheap SBI home loans and affordable EMIs. As part of the festive campaign offer, Flexipay is offering Home Loans for NRIs, Non-Salaried, Privileged or Shaurya, Bank Regular Home Loans including their home at an interest rate of 8.40 percent – exclusively for those who have a CIBIL score is 800 or above. The bank’s rate of 8.40 percent is 15 basis points lower than the normal rate of 8.55 percent.

According to your CIBIL score, see the new rates

 Looking at further offers, those with CIBIL scores between 750-799 will get a discount of 25 basis points on SBI Home Loan. Such people will get a home loan at the rate of 8.40 percent instead of 8.65 percent. At the same time, those with CIBIL scores between 700-749 will get a home loan at the rate of 8.55 percent instead of 8.75 percent, which will be a discount of 20 basis points.

What will happen to those with low credit score

There is no interest rate reduction for borrowers with CIBIL scores of 1 to 699 or less. At the same time, borrowers with credit scores between 650 and 600 can get an SBI house loan at an interest rate of about 8.85 percent. Those with a CIBIL score between 550-649 will get a home loan at the rate of 9.05 percent. Apart from this, the SBI Home Loan interest rate will be 8.75 percent for those with NTC / No CIBIL / -1 score. This festive season, SBI has reduced the floor rate by 15 basis points to 8.40 percent, from the earlier EBR of 8.55 percent.

Rates on Top-up Home Loan and Property Home Loan

Apart from regular home loans, SBI has also reduced the rates of top-up home loans and property home loans. There is a huge discount of 15 basis points on top-up home loans and 30 basis points on property home loans. However, to avail of this type of home loan discount from SBI, you must also have a good CIBIL score.

These concessional rates are only till January 31.

It is to be noted that the new home loan rates are applicable only from October 4 to January 31, 2023, and these 8.40 percent to 9.05 percent offers are under the festive season. SBI’s typical home loan rates range from 8.55 percent to 9.05 percent.

Read More: Bonus for Diwali in 2022: You’ll have to pay taxes and receive a bonus, so save your money this way!

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