SBI Home Loan Concession Offer Extended To Jan 31, 2024; Check Details Here

State Bank of India (SBI) has extended the special home loan campaign that was started ahead of the festive season in 2023 offering discounts up to 65 basis points (bps) to January 31, 2024. This means that, now those individuals who want to apply for SBI's home loan concession offer have almost a month's time to apply for the same. The special campaign discount of SBI was earlier valid till December 31, 2023. The discount is valid for all home loans, including those with flexipay, NRI, non-salaried, privilege, and Apon Ghar.

The campaign is offering home loans (HL) and top-up loan customers with lower credit score (151-200) and those new to credit or with no credit score concession of 65 basis points (bps) and 45 bps, respectively, over the card rate.
Interest rates on home loans vary depending on your CIBIL score.

For customers with credit scores of 700-749, 151-200, and NTC/ no credit score, the bank is giving a higher concession of 65 basis points over the card rate of 9.35%, with the effective HL interest rate working out to 8.70%.

Besides the concession over the card rate, SBI will also offer 20 bps additional concession over the above-proposed rates for HL takeovers, resale, and ready-to-move properties for customers with credit scores of 700 and above.

So, customers with credit scores of 750 and above will get a Home Loan at 8.40%. Those with credit scores of 700 -749 will get HL at 8.50%.

CIBIL Score 750-800: For CIBIL scores of 750-800 and more, the effective rate sans concession is 9.15%, and the effective rate during the offer period is 8.60%, a concession of 55 bps.

For home loan borrowers with CIBIL score between 650 - 699, the bank is not giving any concession and the interest rate offered is 9.45% (EBR+0.30 %) and 9.65% for CIBIL Score between 550 - 649 (EBR+0.50 %).

For home loan borrowers with CIBIL score between 151-200, the bank is offering a 65 bps concession and the interest rate offered is 8.70%, as the effective rate without concession is 9.35% (EBR+0.20%).

NTC / NO CIBIL/ -1- Home loan borrowers with New to credit or a person with no CIBIL score will get a 65 bps concession and the interest rate offered is 8.70%*, as the effective rate without concession is 9.35%.
The above campaign rates are inclusive of interest concessions available to women borrowers and concessions available at the product level (ie. Concessions built into the card rate).

Processing Fee in Campaign - For All variants of Home Loan, P-LAP & Top Up Loans

50% waiver* in card rate,
[i.e. (50% of 0.35%) x loan amount)],
minimum Rs.2,000/- and maximum of Rs. 5,000/- plus applicable GST
Flat Rs. 10,000/- plus applicable GST

SBI's home loan portfolio expanded 13.47% year-on-year (y-o-y) to stand at Rs 6,52,548 crore as of June-end 2023. These loans constituted 23.13% of the bank's domestic advances of Rs 28,20,433 crore.