SBI home loan interest rate concession of 55 bps ends in three days

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State Bank of India (SBI) customers can avail concession on home loans up to 55 bps lower than the actual card rate. The last date for processing fee and concession on home loans is August 31, 2023.

Processing fee

According to the SBI Home Loan website, the card rate is waived by 50% for all HL & Top Up versions [i.e. (50% of 0.35%) x loan amount] plus any applicable GST, with a minimum of Rs.2,000 and a maximum of Rs.5,000. While there is a 100% waiver for takeovers, sales, and houses that are ready to move into. Also take note that Insta Home Top Up, Reverse Mortgage, and EMD do not qualify for the processing fee waiver.Regular home loan processing fee
The actual processing fee without concession is 0.35% of the loan amount plus applicable GST, minimum Rs.2,000 plus applicable GST and maximum of Rs. 10,000 plus applicable GST.

Concessional home loan rates

CIBIL Score 750-800
For CIBIL scores for 750-800 and above, the effective rate without concession is 9.15%, the effective rate during the offer period is 8.70%, a concession of 45 bps.

CIBIL Score 700 -749
For home loan borrowers with CIBIL score between 700 -749 will get a 55 bps concession and interest rate offered is 8.80% (EBR-0.20 %), as effective rate without concession is 9.35%.

CIBIL Score 650 – 699

For home loan borrowers with CIBIL score between 650 – 699 will get no concession and interest rate offered is 9.45% (EBR-0.30 %) and 9.65% for CIBIL Score between 550 – 649 (EBR+0.50 %).

CARD RATES (Term Loan) Campaign Rates (Term Loan)
(Current EBR: 9.15%) Valid for sanctions upto 31.08.2023
CIBIL EBR+ Effective CIBIL EBR+ Effective Concession
SCORE Effective CRP SCORE Effective CRP Rate over Card
Rate Rate
> = 800 EBR+ 0 % 9.15% > = 800 EBR-0.45 % 8.70%* 45 bps
750 – 799 EBR+ 0 % 9.15% 750 – 799 EBR-0.45 % 8.70%* 45 bps
700 -749 EBR+0.20 % 9.35% 700 -749 EBR-0.35 % 8.80%* 55 bps
650 – 699 EBR+0.30 % 9.45% 650 – 699 No Change 9.45% NIL
550 – 649 EBR+0.50 % 9.65% 550 – 649 9.65%
NTC/NO CIBIL/-1 EBR+0.20 % 9.35% NTC/NO CIBIL/-1 EBR-0.35 % 8.80% 55 bps

Important points to note according to the SBI website
* For HL Takeovers, Resale, and Ready to Move Properties, a 20 bps additional concession over the previously suggested rates is available (for CIBIL Scores of 700 and Above).
ii) For Builder Tie Up Projects: 5 bps more of a discount than the aforementioned recommended rates.
iii) An extra 10 basis points of concession over the aforementioned proposed rates for Shaurya and Shaurya Flexi Product.
iv) The aforesaid campaign rates include a 5 bps discount for female borrowers and a 5 bps discount for people who have salary accounts for Privilege and Apon Ghar.

The maximum additional concession as highlighted in point (i, ii and iii), over the above proposed Campaign Rates, would be 20 bps.

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