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Here is a look at the latest home loan interest rates charged by SBI.
SBI External benchmark linked lending rate
SBI has raised the minimum interest rate on home loans. Effective June 15, 2022, the bank’s EBLR is 7.55%+CRP, as per the SBI website. RLLR is 7.15%+CRP.
However, depending on the credit score, a risk premium will be charged. This means a borrower with a credit score of more than 800 will now pay a minimum rate of 7.55 percent under the regular home loans.
Regular home loans have a minimum interest rate of 7.55 percent for borrowers with a credit score of 800 or above. In this instance, the risk premium is 0. The risk premium is determined by the CIBIL score; the lower the credit score, the higher the risk premium rate.
A credit score of 750 to 799 will attract an interest rate of 7.65 percent, with a risk premium of 10 basis points.
Female borrowers will get a 0.05 percent on the interest rate.
Borrowers will be required to pay higher interest rates on their loans, i.e. higher EMIs, once the reset date arrives, or their loan tenure would be extended if there is scope for it.
SBI Marginal cost of fund-based lending rates
SBI has raised the marginal cost of fund-based lending rates (MCLR) by up to 0.20 percent with effect from June 15, 2022.
The benchmark one-year MCLR rate now stands at 7.40 percent. The MCLR is linked to many loans such as consumer loans, including auto, housing, and personal loans. Usually, banks link MCLR based home loans to one-year MCLR rate.
SBI Processing Fee
If you are looking for a home loan with SBI, make sure to assess the processing fee that the bank charges for processing the application. This charge varies depending on the type of home loan. In the case of regular home loans, the bank charges 0.35 percent of the loan amount plus applicable GST, with a minimum of Rs.2,000/- plus applicable GST and a maximum of Rs.10,000/- plus applicable GST.
Concession in Processing Fees
As of now the bank is offering 50 percent waiver in basic processing fee, plus applicable GST. This concession is applicable till July 31, 2022, according to the bank’s website.
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