SBI’s festive offer ending in the new year, take advantage of low interest rates soon

SBI Festive Offer: The home loan offer of State Bank of India (SBI) will end on January 31, 2023, so now is a good chance to take a home loan at low interest rates.

SBI Festive Offer on Home Loan: If you want to take a home loan to buy a house in the new year, then you have SBI’s festive offer (Festive Offers) There is a chance till 31 January 2023 to take advantage of it. SBI has launched home loan (Home loan) The offer started from 4th October. Under this offer, SBI is giving a discount ranging from 15 basis points to 30 basis points. Home loan interest rates are as low as 8.40%. The bank has also waived off the processing fee for regular home loan and top-up loan. You need to keep in mind that SBI home loan rates vary based on their civil score. The better your credit score, the lower the interest rates on home loans.

According to SBI’s website, the lender is giving a concession of 15 basis points to borrowers whose credit score is greater than or equal to 800 at 8.40% under the festive offer as compared to the normal rate of 8.55%. While the bank is giving a concession of 25 basis points on credit scores between 750 to 799, with the interest rate coming down to 8.40% as against 8.65%.

Explain that a discount of 20 basis points is provided on CIBIL scores between 700 to 749 with an interest rate of 8.55% from the normal rate of 8.75% on home loans. There is no change in the home loan interest rate for borrowers whose credit score is below 700. The interest rate on CIBIL score between 650 – 699 remains at 8.85%, 9.05% on 550 – 649 credit score and 8.75%.

SBI has said that the concessional rates include 5 bps concession available for women borrowers and 5 bps concession available for salary account holders for Privilege, Shaurya and Home. Also, a premium of 10 bps will continue to be charged for loans up to Rs 30 lakh for LTV 80% and 90%.

Top-up Home Loan

SBI is giving a discount of 15 basis points on credit score above 700 to 800. For credit score greater than or equal to 800, SBI’s general rate is 8.95% to 8.80%, while the rate is 9.05% to 8.90% for 750 – 799 score and 9.15% to 9% for 700 – 749 score. Rates remain unchanged at 9.25% on CIBIL scores of 650 – 699, 9.55% on scores of 550 – 649 and 9.15% on NTC/NO CIBIL/-1 scores.

loan against property

The bank’s maximum concession on home loan against property at certain credit scores is 30 basis points. Borrowers with a credit score greater than or equal to 800 will pay an interest rate of 10% from the general rate of 10.30%, while the rate is 10.10% on scores between 750-799, and 10.20% from the general rate of 10.40% . The general rate of 10.50% on scores between 700-749 to 10.20% as above, other rates unchanged. The bank continues to charge 10.60% on scores between 650-699, 10.70% on scores 550-649 and 10.505 on NTC/NO CIBIL/-1.

SBI’s festive offer is beneficial for you

SBI said that no other concession will be applicable during the campaign period. Talking about the processing fee, SBI has levied zero fee on regular and top-up home loans during the festive campaign. However, for home loan against property, SBI charges a flat processing fee of Rs 10,000 plus applicable GST. So if you want to buy your dream home in the coming days and are looking for cheap home loan interest rates, then SBI’s festive offer can prove to be most beneficial for you.

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English News Headline : SBI festive offer on home loan ends on January 31.

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