Sankranti Shocker: SBI Hikes Home Loan Interest Rates by 10 bps

New Delhi: State Bank of India (SBI), the country’s largest lender, has yet again hiked the marginal cost of funds-based lending rate (MCLR) on 1-year tenure by 10 basis points for home loans and others. MCLR is the minimum rate at which lending rates are calculated.

The announcement posted on SBI website states that the new rates are effective from January 15. MCLR on 1-year tenure is hiked to 8.40 percent from the previous 8.30 percent while there is no change on other tenures. 

It is pertinent to note that the current concession on home loans offered by SBI is scheduled to end on January 31, 2023. As part of the festive campaign, the bank is currently offering a concession from 15 bps to 30 bps in various home loan categories. One bps is one hundredth of a percentage point. 

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