SBI Update: SBI has implemented new interest rates, if you want to take home loan then definitely know the updates...
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 website of the 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 the 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 the festive season
State Bank of India is running a special campaign in view of the festive season to give a concession of up to 65 basis points (bps) on home loans. This concession is applicable on Regular Home loans, Flexipay, NRI, Non-Salaried, and Upon Home. The last date for a concession on a home loan has been fixed as 31 December 2023. Before this, any customer can take advantage of the discount being given.
Offering rebates in processing fees
According to the SBI Home Loan Website, a 50% discount on processing fees has been given in the card rate for all home loans and top-up versions. At the same time, there is a 100% processing exemption for houses ready for acquisition, sale, and transfer. Apart from this, the benefit of a 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 a waiver.
Fees for transferring the loan to the new structure
SBI charges a one-time switchover fee for transferring the loan to the new structure, which is Rs 1000 plus applicable taxes.