SBI Interest Rate Hike: SBI gives a big shock to crores of customers, makes loans costlier..
If you want to build a house by taking a home loan from the country's largest lender bank SBI, then you should know that this bank has increased the interest rate of home loans. SBI Home Loan has become expensive from June 15, 2024. In such a situation, what is the SBI home loan interest rate, and what will be its EMI every month? Let's know about all these things.
The country's largest lending bank, State Bank of India, also provides home loan facilities to the employed, businessman, or common man to build a house. Not only this, SBI gives money from buying land to building a house. It also gives loans to those who have their land and also gives home loans to those who do not have land to buy land and build a house.
For this, it has made some terms and conditions. Along with this, some documents also have to be given. After this, the bank approves a home loan for building a house. There are many types of SBI Home Loan Interest Rate. These include Regular Home Loans, Top-up Loans, Tribal Plus, CRE Home Loan, Realty Loan, Reserve Mortgage Loan, and Yono Inta Home Loan Top-ups, but here we are talking about Regular Home Loan.
What is the SBI Home Loan interest rate?
SBI's Marginal Cost of Lending Rates has been increased by about 10 basis points or 0.1%. Due to this, the EMI of all types of loans related to MCAR will increase. Due to this now you will have to pay more EMI on the loan every month. With this increase in SBI, the 1-year MCLR has increased from 8.65% to 8.75%.
The same overnight MCAR has increased from 8% to 8.10%. The 1-month and 3-month MCLR has increased from 8.20% to 8.30%. If we look at the 6 months, the MCLR has increased from 8.55% to 8.65%. If we look at the long term, the 2-year MCLR has increased from 8.75% to 8.85%. And at the same time, the 3-year MCLR has increased from 8.85% to 8.95%.
SBI Home Loan EMI of Rs 10 Lakh
If you take a home loan from SBI, your monthly EMI is affected by the loan period and the compound interest charged on the loan. In compound interest, interest is calculated on the initial loan amount and the remaining interest from previous periods. For this reason, interest is charged on interest.
If you take a home loan of Rs 10 lakh from SBI for five years, you will have to pay an EMI of Rs 20,468 every month. Thus, the EMI to be paid on a home loan will be Rs 12,345 for 10 years, Rs 9,789 for 15 years, Rs 8,615 for 20 years, and Rs 7,618 for 30 years.
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