SBI Loan Rates: SBI releases new home loan interest rates from September, discount offers on festive season

SBI Loan Rates: SBI releases new home loan interest rates from September, discount offers on festive season

New Delhi: State Bank of India (SBI) has revised the 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 State Bank of India website, MCLR based rates will now range between 8% to 8.75%. The overnight MCLR rate is 8%. Whereas for the period of one month and three months this rate is 8.15 percent. Similarly, MCLR for six months is 8.45 percent. 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.

SBI Base Rate: State Bank of India base rate is 10.10% effective from June 15, 2023.
SBI BPLR: The benchmark prime lending rate (BPLR) has been implemented at 4.95% per annum from September 15, 2023.
SBI home loan offers during festive season

State Bank of India is running a special campaign to offer concession of up to 65 basis points (bps) on home loans in view of the festive season. This concession is applicable on Regular Home Loan, Flexipay, NRI, Non Salaried, On Home. The last date for concession on home loan has been fixed as 31 December 2023. Any customer can take advantage of the discount being given before this.

Offering rebate in processing fees

According to the SBI home loan website, 50 percent discount has been given in the processing fee on the card rate for all home loans and top up versions. At the same time, there is 100% processing rebate for ready-to-acquisition, sale and transfer houses.

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 the waiver.

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