Want To Buy A House? Do It Before December 31! SBI's BIG OFFER On Home Loans Interest Rates To End Soon

Soon, it will be time to say goodbye to the year 2023, however, to home buyers, the clock is ticking and the countdown for December 31, 2023, is very important if they're planning to buy their dream house and looking for huge concessions on their home loans. Because, the largest PSU lender, State Bank of India's (SBI) huge offers on home loan interest rates will end by the current year-end. SBI is offering concessions ranging from 30 bps to as high as 65 bps along with fee waivers on home loans to top-ups, loans against properties, and much more.

SBI's huge concessions on home loan rates are part of its campaign rates which came into effect from September 1, 2023 and will end on December 31, 2023.

Here are the benefits of SBI's campaign rates for home loans:

1. Regular home loans:

The normal rates on SBI's regular home loans vary from 9.15% to 9.65% depending upon the credit score.

However, SBI is offering concessions of 55 bps each on regular home loan rates to 8.60% rate each compared to 9.15% normal rate. This is meant for borrowers with credit scores 750 - 799 and equal to greater than 800. Another 65 bps concession each is given on home loan rates for NTC / NO CIBIL/ -1 and 151-200 credit scorers to 8.70% rate from 9.35% normal rate.

The rates are unchanged at 9.45% on the 650 - 699 credit score, 9.65% on the 550 - 649 score, and 9.45% on the 101-150 CIBIL score.

Also, SBI in its terms and conditions said:

- For HL Takeovers, Resale and Ready to Move Properties: 20 bps additional concession over the above-proposed rates (For CIBIL Score of 700 and above).

- For Builder Tie-Up Projects: 5 bps additional concession over the above-proposed rates.

- For Shaurya, Shaurya Flexi, Shaurya Flexi Vishisht Product: 10 bps additional concession over the above campaign rates.

- 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).

- Also, a premium of 10 bps for loans up to 30 lacs for LTV >80% &

- Maximum additional concession as highlighted in points (i, ii and iii), over the above-proposed Campaign Rates, would be 20 bps.

- 5 bps concession on card rates for MaxGain & Realty loans for borrowers with CIBIL Score greater than or equal to 750.

- Lastly, the floor rate is currently at 8.40%.

SBI Top-Up Loans:

SBI is offering 45 bps concessions on top-up loans to 9.10% each from the current normal rate of 9.55% each on credit scores of 750 - 799 and equal to or greater than 800. Also, 45 bps concession each is given on credit scores of NTC / NO CIBIL/ -1, and 151-200 to 9.30% each from the normal rate of 9.75% each.

The rest of the rates remained unchanged from 9.75% to 10.15%.

Also, SBI said that a 20 bps concession over the above-proposed rates is to be accorded for top-up loans associated with Takeover loans (For CIBIL score of 700 and above). Further, the interest rate on an Up loan should not be below the rate of interest charged on
underlying Home Loan.

SBI Loan Against Property (P-LAP):

The lender is offering 30 bps concessions each on credit scores of 750 - 799 and > = 800, to 10.60% each from their normal rates of 10.90% each. Also, the bank received a similar concession on the credit score of 700 -749, taking its home loan rates lower to 10.80% under the campaign offer from the normal rates were 11.10%.

Further, a 30 bps concession was given on a credit score of 151-200 which also has an interest rate of 10.80% from the normal rate of 11.10%. The rest of the rates are unchanged from 11.10% to 11.30% respectively.

It needs to be noted that Score Bands 101-150 & 151-200 are assigned by CIBIL for new to-credit borrowers.

SBI Processing Fee in Campaign:

SBI said for all variants of Home Loan, P-LAP & Top Up Loans, there is a 50% waiver in card rate --- which is 50% of 0.35% X loan amount --- which would mean a minimum of Rs 2,000/- and a maximum of Rs 5,000/- plus applicable GST.

Also, SBI is offering flat Rs 10,000 plus GST on these loans. Apart from this, 100% Waiver for Takeovers, Resale & Ready to Move properties. Additionally, there is no Processing Fee waiver for Insta Home Top Up, Reverse Mortgage and EMD.