Ever since the Reserve Bank of India (RBI) has started increasing key policy rates in May 2022, many banks, HFCs and NBFCs hiked their loan interest rates. Here is a peek at the latest SBI home loan interest rates (as on September 15, 2022).

SBI External benchmark linked lending rate

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 Marginal cost of fund-based lending rates

SBI has revised the marginal cost of fund-based lending rates (MCLR) as on September 15, 2022.


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.

SBI Base rate

State bank of India has raised its Base Rate revised as 8.70% p.a. w.e.f. 15.09.2022 from earlier 8%. The rates were hiked previously on June 15, 2022.

SBI processing fee discount

The State Bank of India has announced a 50-100% reduction in housing loan processing expenses. This promotion is available from August 1, 2022 until September 30, 2022.

According to the SBI website, the bank has eliminated 50% of the basic processing charge for residential and home-related loans (other than takeovers). The bank has removed the minimum processing cost for house loan takeover and top-ups linked with it.

Also read:
SBI waives processing fees on home loans for this period

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