SBI Home Loan:
There is good news for SBI home loan customers. State Bank of India, the country’s largest public sector bank, has increased the MCLR by 25 basis points, i.e., 0.25 percent.
However, customers can get some relief from the festive offer given by SBI.
The bank’s festive offer is running from October 4 and will run till January 31, 2023.
In such a situation, the customers will get some relief till January 31, 2023. Under the festive offer,
the bank offers a discount of 15 to 30 basis points, i.e., 0.15 percent to 0.30 percent, in different categories of home loans.
Before increasing the interest, the interest will be 8.55 percent, and on getting a discount of 0.15 percent, the claim will be 8.40 percent.
Discounts will be available on interest under the festive offer.
With SBI increasing the interest with effect from December 15, the floor rate has gone up to 8.90 percent.
Under the festive offer, the claim will come down to 8.75 percent. Customers will have to pay 0.35 percent more interest than before.
Borrowers who already have home loans and opt for home loans from SBI will be able to take advantage of the festive offer on their interest rates till January 31, 2023.
However, the amount of relief a person can get on loan interest depends on his credit score. Customers can take advantage of this till January 31.
Here are the new rates
After the revision in SBI’s MCLR from December 15, the overnight MCLR has increased from 7.60% to 7.85%.
MCLR has been increased from 7.75% to 8.00% for one month and three months.
MCLR has been increased from 8.05% to 8.30% for six months and one year.
After revision, the MCLR has been increased from 8.25% to 8.50% for two years. MCLR has risen from 8.35% to 8.60% over three years.
RBI increased the repo rate
After the increase in the repo rate of the Reserve Bank of India (RBI) by 35 basis points, i.e., 0.35 percent, this rate has become 6.25%.
After this, most of the banks started increasing the MCLR. Forty basis points in May and 50 basis points each in June, August, and September.
Last week, RBI increased the repo rate by 0.35 percent; this is the fifth time it has grown. Overall, RBI has increased by 2.25 percent since May 2022.
