SBI home loans: unveils festive discounts, here's all you need to know

As the festive season kicks off, the State Bank of India (SBI) is enticing home loan borrowers with substantial discounts. SBI, the country's leading lender, is offering discounts of up to 65 basis points in a special campaign for home loan borrowers. This offer is available until December 31, 2023, and the level of concession depends on the customer's CIBIL score.

A CIBIL score is a three-digit numeric summary of a borrower's credit history, reflecting how well they have managed financial commitments like home loans, personal loans, or credit cards in the past. Credit scores typically range from 300 to 900, with scores below 550 considered unsatisfactory.

Here's how SBI has structured the discounts based on CIBIL scores:

CIBIL Score 101-150: No discount is offered in this range, resulting in an effective home loan interest rate of 9.45 percent.
CIBIL Score 151-200: SBI provides a discount of 65 bps (basis points) during the offer period, resulting in an effective interest rate of 8.7 percent.
CIBIL Score 550-599: No discount is offered in this category, leading to an effective rate of 9.45 percent to 9.65 percent.
CIBIL Score 700-749: SBI offers a discount of 65 bps during the offer period, resulting in an effective rate of 8.7 percent.
CIBIL Score 750-800: Customers falling within this range enjoy a home loan interest rate of 8.60 percent during the offer period, with a concession of 55 bps.

Additionally, those with a CIBIL score of 700 and above can also receive a 65 basis points (bps) discount for home loan takeovers, resale properties, and ready-to-move properties. For builder tie-up projects, an additional 5 bps concession is offered on top of the rates mentioned above.

Furthermore, for SBI's Shaurya, Shaurya Flexi, and Shaurya Flexi Vishisht Products, an extra concession of 10 bps is available during the campaign period, supplementing the above-mentioned rates.