State Bank of India has cut home loan interest rates while giving great relief to its customers. According to the information given on the bank’s website, the State of India has reduced the interest rate on home loans up to 30 lakhs from 6.90% to 6.70%. At the same time, interest on home loans ranging from 30 lakh to 75 lakh will be 6.90 percent and homes above 75 lakh will attract interest rate of 7.05. Women customers will get 0.05 percent additional benefit from the bank.
How much you will benefit
According to SBI calculator, the EMI of Rs 26,881 as per the earlier interest rate of 6.95 per cent on a home loan of up to 15 lakhs for 15 years, but now it will fall after the cut in interest rates. According to the announcement made on Saturday, if you now take a home loan of Rs 30 lakh for 15 years, your EMI will come to Rs 25,464.
After the new announcement, the interest rate has come down from 6.90% to 6.70%. According to SBI calculator, if someone takes a home loan of up to Rs 30 lakh for 15 years, then there will be a savings of Rs 417 every month. If we calculate this amount according to 15 years (15 × 12 × 417), then there will be a saving of Rs 75,060.
At the same time, the female customer is getting an additional benefit of 0.05 percent. In such a case, if a female customer buys a 15-year home loan at the rate of 6.65 percent for a 15-year home loan, then they will have to pay a monthly EMI of Rs 26,381 only. And they will save 90,000 in 15 years.