SBI Home loan interest rates will now be starting from 6.70 per cent for loans up to Rs. 30 lakh and 6.95 per cent for loans above Rs. 30 lakh and up to Rs 75 lakh.
The country’s largest lender, State Bank of India (SBI) is now offering exclusive interest rates on Home Loans starting from 6.70% onwards. SBI Home loan interest rates will now be starting from 6.70 per cent for loans up to Rs. 30 lakh and 6.95 per cent for loans above Rs. 30 lakh and up to Rs 75 lakh. The big-ticket loans above Rs. 75 lakh would get home loans at 7.05%. The women borrower, 5 bps concession is being made available to them. One can also apply for a loan from the ease of their home via the YONO App to earn an additional interest concession of 5 bps.
Earlier, the SBI home loan interest rate was starting from 6.70 per cent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh to Rs 5 crore, as an offer till March 31, 2021. But, effective April 1, 2021, the SBI home loan interest rate was 6.95 per cent and upwards depending on the loan amount, gender and credit profile of the borrower.
C S Setty, MD (Retail & Digital Banking) said, “SBI, being the market leader in home finance, assumes the ownership in bolstering consumer sentiments in the home loan market. The affordability for the consumer increases immensely with the present home loan interest rate offerings which reduce the EMI amounts substantially. I am sure these measures will give a fillip to the real estate industry too”.
Since October 1, 2019, RBI has mandated banks to offer retail loans such as home and auto loans linked to an external benchmark, which for most banks is the RBI repo rate. It is, therefore, called repo linked lending rate (RLLR). Every time, RBI revises the repo rate, the revision in the interest rate is much quicker for the borrower compared to the loans linked to MCLR.
New borrowers who need a loan now will have to take it as per the bank’s RLLR. Some banks call it an external benchmark rate (EBR). The banks, however, may not offer loans on their RLLR but depending on the loan amount and other factors, the effective rate may differ.
When you walk into a bank branch, you need to know two things – Bank’s RLLR and home loan interest rate. While the RLLR for the bank is a fixed rate for all borrowers, the effective home loan interest rate for you will depend on your age, loan amount, CIBIL score, among other factors.
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