State Bank of India is the best option if you are thinking about taking out a home loan. SBI has reduced home loan interest rates by providing greater relief to its customers. According to information provided on the State Bank of India website, the State of India has reduced the interest rate on home loan from 6.90% to 6.70% for the period. 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.
SBI gives big update on KYC, solution for customers till 31st May
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. If we calculate this amount in terms of 15 years (15 × 12 × 417), then Rs 75,060. If a female customer purchases a 15-year home loan at a rate of 6.65 per cent, she will have to pay an EMI of Rs 26,381 per month. And they save 90,000 in 15 years.
These banks are offering cheap credit for old cars, check the list
Prior to the home loan path, you had to compare and compare the interest rates of all banks. This reduces the likelihood of loss. Often times, we take a hassle of not paying off a home loan, resulting in a loss. Take a look at the list of cheap home lending banks –
| Bank | Interest rate |
| SB I | 6.70% |
| Bank of Baroda | 6.75% |
| Punjab National Bank | 6.80% |
| Union Bank | 6.80% |
| Bank of India | 6.95% |
| The Indian Bank | 7.00% |
| Kotak Mahindra Bank | 6.65% |
| City Bank | 6.65% |
| ICICI Bank | 6.70% |
| HDFC Bank | 6.70% |
| Axis Bank | 6.90% |
| Tata Capital | 6.90% |
Source: MarketDotCom
