New Delhi: State Bank of India (SBI) has revised home loan interest rates. The bank has made the new rates of Marginal Cost of Funds Based Lending Rate i.e. MCLR effective from September 15, 2023.
According to the bank, the benchmark prime lending rate has been increased from 14.85% to 14.95%. According to the website of State Bank of India, MCLR based rates will now be between 8% to 8.75%. Overnight MCLR rate is 8%. Whereas, for tenure of one month and three months this rate is 8.15%. Similarly, MCLR for six months is 8.45%. The one year MCLR applicable to most customers is now 8.55%. MCLR for two-year and three-year tenures is 8.65% and 8.75% respectively.
According to SBI, from February 15, 2023, SBI External Benchmark Lending Rates (EBLR) will remain unchanged at 9.15%+CRP+BSP and RLLR at 8.75%+CRP.
- Base rate of SBI: The base rate of State Bank of India is 10.10% effective from June 15, 2023.
- SBI BPLR: The Benchmark Prime Lending Rate (BPLR) has been implemented as 4.95% per annum from 15 September 2023.
SBI home loan offer during festive season
State Bank of India is running a special campaign in view of the festive season to give concession of up to 65 basis points (bps) on home loans. This concession is applicable on Regular Home Loan, Flexipay, NRI, Non Salaried, Upon Home. The last date for concession on home loan has been fixed as 31 December 2023. Before this, any customer can take advantage of the discount being given.
Offering rebate in processing fees
According to SBI Home Loan website, 50% discount in processing fees has been given on the card rate for all home loans and top up versions. At the same time, there is 100% processing exemption for houses ready for acquisition, sale and transfer.
Apart from this, the benefit of discount on regular home loan processing fees is also being given. However, the bank has clarified that Insta Home Top Up, Reverse Mortgage and EMD processing fees are not eligible for waiver.