SBI has not yet revised the minimum interest rate on home loans in September. Effective August 15, 2022, the bank’s EBLR is 8.05%+CRP+BSP, as per the SBI website. RLLR is 7.65%+CRP.
However, depending on the credit score, a risk premium will be charged. This means a borrower with a credit score of more than 800 will now pay a minimum rate of 7.55 percent under the regular home loans.
For applicants who have a credit score of 800 or higher, the minimum interest rate on regular home loans is 8.05 percent. The risk premium in this case is 0. The risk premium is based on the CIBIL score; the risk premium rate increases with a lower credit score.
A credit score of 750 to 799 will result in a 8.15 percent interest rate with a risk premium of 10 basis points. Female borrowers will receive a 0.05 percent interest rate reduction.
Borrowers will be compelled to pay higher interest rates, i.e. higher EMIs, once the reset date arrives, or their loan tenure would be extended if there is room for it.
SBI Benchmark Prime Lending Rate BPLR
The banks Benchmark Prime Lending Rate (BPLR) was hiked to 13.45% p.a. w.e.f. 15.09.2022.