SBI hikes MCLR by 10 bps; concessions on home loan rates to end 31 Jan

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%.