Curated By: Business Desk
Last Updated: September 08, 2023, 15:30 IST
For a CIBIL score between 750-800, the interest is 8.60%.
For customers with CIBIL scores in the range of 700-749, SBI is offering a discount of 65 bps and the effective home loan interest rate is 8.7%.
As the festive season has begun, the State Bank of India (SBI) is offering lucrative discounts on home loans. Under a special campaign for home loan borrowers, the country’s top lender is offering concessions of up to 65 basis points. According to the official website, the last date for the concession on home loans is December 31, 2023. It is to be noted here that the concession will be based on the CIBIL score of the customer.
But first, let’s understand what is CIBIL score. CIBIL score is a three-digit numeric summary of a borrower’s credit history. In simple terms, it means how well you have managed your finances like home loans, personal loans or credit cards in the past. The value of Credit score may range between 300 to 900. Below 550 is considered to be a dissatisfactory CIBIL score.
How Sbi Has Distributed Discount Per Cent Based on Cibil Score:
101-150 CIBIL score: For those who come under this range, the bank is not offering any discount, the effective home loan interest rate is 9.45 per cent.
151-200 CIBIL score: SBI is offering a discount of 65 bps during the offer period and the effective rate in the period stands at 8.7 per cent.
550-599 CIBIL score: The bank is not offering any discount at this score. The effective rate is 9.45 per cent and 9.65 per cent.
700-749 CIBIL score: SBI is offering a discount of 65 bps during the offer period and the effective rate is 8.7 per cent.
750-800 CIBIL score: For CIBIL score ranging between 750-800 and above, the home loan interest during the offer period is 8.60 per cent with a concession of 55 bps.
In addition to these concessions by SBI, one with a CIBIL score of 700 and above can also get a bps discount in case of home loan takeovers, resale and ready-to-move properties. For builder tie-up projects, a 5 bps additional concession is offered over the above-proposed rates.
For Shaurya, Shaurya Flexi and Shaurya Flexi Vishisht Products, SBI is offering an additional concession of 10 bps over the above campaign rates during the offer period.
