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NEW DELHI: SBI Home Loan Interest Rate – State Bank of India (SBI) has increased its home loan interest rate to 6.95 per cent. With the revision, India’s largest lender’s lowest interest rate of 6.70 per cent ended in March 31, 2021. The new SBI home loan interest rate has been effective from April 1. SBI offers regular home loan, balance transfer of home loan, NRI home loan, elxipay home loan, and privilege home loan.
If you want to know how the revised SBI Home Loan interest rate has impacted your Home Loan EMI or how much you need to pay, you need to go to home loan calculator page on the official website of State Bank of India.
You need to enter a few details such as home loan amount, loan tenure, interest rate. The SBI home loan calculator will also provides a table comprising months, beginning loan balance, EMI, principal amount, monthly interest, and outstanding balance.
During the limited period, SBI offered home loan 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-Rs 5 crore.
As per information posted on its website, the new rate effective April 1 is 6.95 per cent.
Compared to teaser rate for the limited period, the new rate is 25 basis points higher at 6.95 per cent.
The hike in minimum home loan rate by SBI is likely to prompt other lenders to follow suit.
The bank will also levy a consolidated processing fee on home loans. This will be 0.40 per cent of the loan amount and goods and services tax (GST) subject to a minimum of Rs 10,000 and maximum of Rs 30,000 plus GST, as per a PTI report.
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