Get Festive Discounts on SBI Home Loans Based on Your CIBIL Score

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

A CIBIL score is a three-digit numerical summary that reflects a borrower's credit history and how well they have managed financial commitments such as home loans, personal loans, or credit cards in the past. Typically ranging from 300 to 900, credit scores below 550 are 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: During the offer period, SBI provides a discount of 65 basis points (bps), 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 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.