SBI hikes MCLR by 10 bps; concessions on home loan rates to end 31 Jan
Notably, SBI currently offers a certain concession on home loans under its festive offer campaign which is scheduled to end on January 31, 2023
State Bank of India (SBI) has hiked the marginal cost of funds-based lending rate (MCLR) on 1-year tenure by 10 basis points for home loans and others. The new rates have come into effect from January 15.
Notably, SBI currently offers a certain concession on home loans under its festive offer campaign which is scheduled to end on January 31, 2023.
As per SBI's website, from January 15, MCLR on 1-year tenure is hiked to 8.4% from the previous 8.30%. MCLR on other tenures has been kept unchanged.
Hence, 2 years and 3 years MCLR stays at 8.50% and 8.60%. While 8% MCLR each is unchanged on one-month and three-month tenures. Overnight MCLR is unchanged at 7.85%.
Notably, the bank had launched a festive campaign over from October 4th just ahead of the Diwali festival. The offer will continue till January 31, 2023.
In this festive offer, the bank is currently offering a concession from 15 bps to 30 bps in various home loan categories.
It needs to be noted that SBI's home loan rates depend upon a borrower's CIBIL score.
The higher your credit score, the lower are interest rate on home loans.
Regular home loans including Flexipay, NRI, Non-salaried, Privilege/ Shaurya, Apon Ghar:
SBI is offering a concession of 15 bps to borrowers on home loans to borrowers with CIBIL score greater or equal to 800 - taking the rate to 8.75% from the normal rate of 8.90%.
On credit scores from 750 - 799, home loans have a concession of 25 bps to 8.75% from their normal rate of 9%.
Further, on credit scores of 700 -749, home loans have a concession of 20 bps to 8.90% from their normal rate of 9.10%.
