SBI hikes home loan interest rates by 10 bps

The rate increase will take effect on January 15, following two consecutive rate increases by the RBI.

The State Bank of India (SBI) has increased the marginal cost of funds-based lending rate (MCLR) on one-year loans by ten basis points. The revised rates went into effect on January 15. Notably, SBI is now offering a certain discount on house loans as part of its Holiday offer campaign, which is set to conclude on January 31, 2023.

Per the SBI’s website, the 1-year MCLR has been raised to 8.4% from 8.30% as of January 15. Other tenures’ MCLR has remained unchanged.

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As a result, the MCLR after two and three years remains at 8.50% and 8.60%, respectively. While the one-month and three-month MCLRs remain constant at 8%. The overnight MCLR remains at 7.85%.