SBI home loan interest rate: Latest SBI home loan interest rate

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Many banks raised their lending and deposit rates after the Reserve Bank of India (RBI) raised the repo rate by 90 basis points to 4.90%. Among the banks that have raised interest rates on home loans is ().

Here is an overview of the latest interest rates on home loans charged by SBI.

SBI Benchmark external indexed lending rate

SBI has increased the minimum interest rate on home loans. As of June 15, 2022, the bank’s EBLR is 7.55% + CRP, according to the SBI website. RLLR is 7.15% + CRP.

However, depending on the credit rating, a risk premium will be charged. This means that a borrower with a credit score of over 800 will now pay a minimum rate of 7.55% on ordinary home loans.

Regular home loans have a minimum interest rate of 7.55% for borrowers with a credit score of 800 or higher. In this case, the risk premium is 0. The risk premium is determined by the CIBIL score; the lower the credit rating, the higher the risk premium rate.

A credit score of 750 to 799 will attract an interest rate of 7.65%, with a risk premium of 10 basis points.

Female borrowers will get 0.05% on the interest rate.

Borrowers will be required to pay higher interest rates on their loans, i.e. higher EMIs, once the reset date arrives, or their loan term would be extended if possible.

SBI Marginal Cost of Funds Based Lending Rates

The SBI raised the marginal cost of funds-based lending rates (MCLR) to 0.20% effective June 15, 2022.

The one-year MCLR reference rate is now 7.40%. The MCLR is linked to many loans such as consumer loans, including auto, home, and personal loans. Usually, banks link MCLR-based home loans to the one-year MCLR rate.

sbi-mclr-june

SBI Processing Fee

If you are looking for a home loan with SBI, be sure to assess the processing fees the bank charges for processing the application. These fees vary depending on the type of home loan. In the case of ordinary home loans, the bank charges 0.35% of the loan amount plus applicable GST, with a minimum of Rs 2,000/- plus applicable GST and a maximum of Rs 10,000/- plus applicable GST .

Concession on processing fees

Effective immediately, the bank is offering a 50% waiver of the base processing fee, plus applicable GST. This concession is applicable until July 31, 2022, according to the bank’s website.

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