Here is a look at the latest home loan interest rates charged by SBI.
SBI External Benchmark Linked Lending Rate
SBI has increased the minimum Rate of interest on home loan. As per SBI website, effective June 15, 2022, the bank’s EBLR is 7.55% + CRP. RLLR is 7.15%+CRP.
However, risk premium will be charged on the basis of credit score. This means a borrower with a credit score above 800 will now pay a minimum rate of 7.55 per cent under a regular home loan.
The minimum interest rate for regular home loans is 7.55 per cent for borrowers with a credit score of 800 or above. In this example, 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.
Credit scores of 750 to 799 will attract an interest rate of 7.65 per cent, with a risk premium of 10 basis points.
Women borrowers will get 0.05 percent interest rate.
Borrowers will have to pay higher interest rates on their loans, i.e. higher EMIs, once the reset date approaches, or their loan tenure will be extended if there is scope for it.
SBI Marginal Cost of Funds Based Lending Rates
SBI has increased the marginal cost of funds based lending rates (MCLR) by 0.10 per cent with effect from July 15, 2022.
SBI Processing Fee
If you are looking for a home loan with SBI, make sure to calculate the processing fee that the bank charges to process the application. This fee varies depending on the type of home loan. In case of regular home loan, 0.35 per cent of the bank loan amount plus applicable GST, subject to a minimum of Rs. 2,000/- plus applicable GST and a maximum of Rs. 10,000/- and charges along with applicable GST.
concession in processing fee
At present, the bank is giving 50% rebate on basic processing fee and applicable GST. According to the bank’s website, this concession is applicable till July 31, 2022.