How Cheap Will Your SBI Home Loan Going to Be – Only Two Months Left to Avail It

A coverage of the SBI campaign rate concessions on SBI home loans and top-up loans

SBI Campaign Rates Launched

In a new era of continued interest hikes by central banks all over the world, including by RBI in India, any news of lowered interest rates seems like great news. State Bank of India did just that, by declaring a lowering of 30 to 40 basis points on its home loan interest rate.

Also Read: Home loan: Why it makes sense to increase EMI or make partial prepayments

SBI’s Campaign Rates

India’s largest bank and lender, SBI recently launched “Campaign Rates”. This will see a lowering of the interest rates in regular home loans, Flexipay, NRI, non-salaried, Privilege home loans and Apon Ghar products. These campaign rates will be valid till 31 March 2023. Accordingly, customers willing to apply for an SBI home loan can negotiate for an interest rate as low as 8.6%. 

The credit score is an important determinant in getting a home loan approved. For SBI’s Campaign Rates benefits, the applicant must have a credit score of at least 700. Further, the exact percentage of reduction in the interest rates is linked with how low or high the applicant’s credit score is.

  • If you have a CIBIL score of 800 or above, a 30 basis point reduction is offered on the existing standard rate of 8.9%,
  • For CIBIL scores between 750 and 799, a reduction of 40 basis points sees the interest rate fall from 9% to 8.6%,
  • And for CIBIL scores between 700 and 749, 40 basis points will be reduced from the existing interest rate of 9.1%,
  • For NTO/No CIBIL/-1 ratings, a 30 basis point concession reduces the home loan interest rate from 9.1% to 8.8%,
  • Home loan interest rate for CIBIL score of 650 to 699 remains unaffected at 9.2%, the same rate as applicants with a credit score of 550 to 649.

Also Read: What are home renovation loans and their tax benefits

Top-up loan benefits 

Top-up loan borrowers with a credit score of 700 and above will get a concession of 30 basis points under Campaign Rates. Presently, the top-up loan interest rates are –

  • For a credit score of 800 and above - 9.3% (9% under campaign rates)
  • For a credit score between 750 and 799 - 9.4% (9.1% under campaign rates)
  • For a credit score between 700 and 749 - 9.5% (9.2% under campaign rates)

Other Benefits

Apart from the reductions already mentioned, a 5 basis point concession is offered on the card rates of Maxgain and Realty loans, excluding CRE loans. This benefit is available to borrowers with a credit score of 750 and above. 

As a part of SBI Campaign Rates benefits, processing fees have been waived on home loans and top-up loans till 31 March 2023. Advocate and valuer fees will continue to be charged from the customer based on actual expenses incurred. 

Also Read: 4 things to know about home loan sanction letter and disbursal amount applying for one


With Campaign Rates, SBI has continued its series of benefits which includes the holiday promotion that has been running from 4 October 2022 till 31 January 2023. Home loan and top-up loan aspirants should now compare the SBI campaign rates with quotes from other lenders and apply accordingly.



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