SBI’s home loan interest rates change from today, benchmark lending rates up by 25 bps

The State Bank of India (SBI) has increased the lending rates for certain benchmarks, which has resulted in a change in home loan interest rates as of Wednesday. SBI hiked rates for repo-linked lending and external benchmark lending by 25 bps each, while increasing the marginal cost of funds-based lending rate (MCLR) for a one-year term by 10 basis points. The result was an increase in house loan EMIs.

The external benchmark lending rate has increased by 25 bps, according to the SBI website. The rate for this benchmark has now increased from 8.90%+CRP+BSP to 9.15%+CRP+BSP. Additionally, SBI increased its repo linked lending rate by 25 basis points, bringing it from 8.50%+CRP to 8.75%+CRP. In response to the aforementioned increase, SBI altered the interest rates on home loans as part of their campaign offer.


NRI, Non-Salaried, Privilege, Regular Home Loan, Flexipay, and APON Ghar:

For borrowers with credit scores between 700 and more than or equal to 800, SBI is offering a discount of 30 bps to 40 bps as part of the campaign offer.

The lowest rate offered is 8.85% for credit scores above or equal to 800, down from the standard rate of 9.15% — a 30 basis point discount.

Additionally, the bank is reducing the rate it charges customers with credit scores between 750 and 799 by 40 basis points, from 9.25% to 8.85%. In addition, the bank is charging an 8.95% rate under the deal as opposed to its standard rate of 9.35%, a 40 bps discount.

Notably, SBI is also granting home loans with a 30 basis point discount for credit scores NTC/NO/-1, bringing the cost down from 9.35% to 9.05%.

Other rates remain the same. The interest rate is still 9.45% for those with credit scores between 650 and 699 and 9.65% for those with scores between 550 and 649.

SBI stated that a premium of 10 bps for loans up to 30 lacs with LTV > 80% and = 90% shall persist in its campaign rates. Additionally, these rates include the 5 bps discount for female borrowers and the 5 bps concession for owners of privilege and apon ghar wage accounts.

SBI stated, “To improve our offers for serving defence people, we are providing a 10 bps concession above the above-proposed rates for Shaurya & Shaurya Flexi Product.