CIBIL score plays a vital role when it comes to applying for any loan like a home loan, as most banks set interest rates based on the CIBIL score of an applicant. The CIBIL Score, which varies from 300 to 900, is a three-digit numeric summary of your credit history, rating, and report.
SBI regular home loan includes Flexipay, NRI home loan, Loans to non-salaried, Differential offering, Privilege, Shourya and Apna Ghar.
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— State Bank of India (@TheOfficialSBI) 1649761806000
Note that the interest rate on SBI’s home loans is floating and is linked to the repo rate. SBI offers home loans under SBI regular home loans, CRE home loans, Top-up loans, Realty loans, Tribal plus, and P-LAP. If you are looking to avail home loan under any of these categories, here are the interest rates as on April 1, 2022. Also make sure to check your CIBIL score before checking the interest rates as it may vary depending on your CIBIL score.
According to SBI website, these are important points to know before applying for SBI home loan:
5 bps concession for women borrowers subject to minimum EBR 6.65 percent
- Premium of 10 bps to card rate for loans upto Rs 30 lakh for LTC >80%
- Top up loan is not permitted under Overdraft category for loans below rs 20 lakh and below Rs 2 crore
- Margin is available for only to Move in Properties
- 5 bps concession under Privileged, Shourya and Apna Ghar if maintaining salary account with SBI under salary package
- Interest rate on top up loan should not be below the rate of interest charged on the underlying home loan.