SBI Reduces Home Loan Interest Rates, Know Your Savings

State Bank of India has slashed home loan interest rates while offering greater relief to its customers. According to information provided on the bank’s website, the State of India has reduced the interest rate on home loan from 6.90% to 6.70% for a loan of Rs 30 lakh. At the same time, the interest rate on home loans between Rs 30 lakh and Rs 75 lakh is 6.90 per cent and households above Rs 75 lakh attract interest rates of 7.05 per cent. Female customers will get an additional return of 0.05% from the bank.

How much will you benefit

According to the SBI calculator, the interest rate on a home loan up to Rs 15 lakh for 15 years was Rs 26,881 with an EMI of 6.95 per cent, but now it will fall after the interest rates are cut. According to the announcement made on Saturday, if you take a home loan of Rs 30 lakh for 15 years now, your EMI will be Rs 25,464.

Don’t forget to share your investment information with your family without getting a lakh of crores of rupees in the country.

Since the new announcement, interest rates have fallen from 6.90% to 6.70%. According to SBI Calculator, if someone takes home a loan of Rs 30 lakh for 15 years, there will be a savings of Rs 417 per month. If we calculate this amount in terms of 15 years (15 × 12 × 417), then Rs 75,060.

At the same time, female consumers are receiving an additional profit of 0.05 per cent. In such a scenario, if a female customer buys a home loan of Rs 30 lakh for 15 years at a rate of 6.65 per cent, she will have a monthly EMI of just Rs 26,381. And they save 90,000 in 15 years.