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SBI Home Loan: You will get a home loan at a relatively low interest rate, for which you must meet these “conditions” from SBI.News WAALI

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The State Bank of India is the largest public sector bank in the country. This time, the government bank gives discounts to customers in the form of home loans. The amount of this discount is 15 to 30 basis points. And this discount will be available from October 4, 2022 to January 31, 2023. This bank offers home loans at the rate of 8.55 to 9.05%. However, SBI offers loans at an interest rate of 8.40-9.05% during this festive season. However, this discount is granted based on the customer’s CIBIL score. Also, there are no processing fees on SBI’s regular and senior home loans.

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What is the CIBIL score?

A person’s credit score is the CIBIL score. The Sybil score is a number. Which is between 300 and 900. The higher the CIBIL score, the better. A CIBIL score above 750 is considered good. In this case, the probability of getting a loan is also high. The CIBIL score reflects a person’s credit history. A person’s high CIBIL score means that they were able to repay their previous loans on time.

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Apart from quick loan approval, the cheapness of a loan also depends on the CIBIL score. For example, the State Bank of India grants home loans based on the borrower’s credit rating. SBI offers loans at 8.55% interest to borrowers with a CIBIL score above 800. SBI offers loans to clients with a CIBIL score of 750 to 799 at 8.65%, 8.85% for a CIBIL score from 650 to 699 and 9.05% for a CIBIL score of 550 to 649. Thus, to obtain a low-interest mortgage, a borrower must have a CIBIL score above 800.

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