new Delhi. In view of the demand for houses in the country, the State Bank of India has made amendments on the basis of increasing the rate of home loans. The revised revised rates have been implemented from April 1. Now SBI’s home loan rates have come down to 6.95 per cent. Earlier, the rate of home loan for limited period was 6.70 per cent, which has been ended on March 31.
New rates apply from April 1
SBI had offered a home loan of up to Rs 75 lakh for a limited period at 6.70 per cent interest. At the same time, the interest rate on home loan of Rs 75 lakh to 5 crore was 6.75 percent. According to the SBI website, the new rate has been implemented at 6.95 percent on April 1. The new rates are 0.25 per cent higher than the limited term offer. Other banks may also take similar steps after SBI hikes minimum home loan rates.
This fee was also added
The bank has also levied a home loan integrated processing fee. This will be 0.40 per cent of the loan amount and in the form of GST. The processing fee will be minimum Rs 10,000 and maximum Rs 30,000. Last month, SBI announced waiving of processing fees on housing loans by 31 March.
Your EMI will increase by one thousand rupees
With this decision of SBI, your EMI will also increase by about one thousand rupees. Let’s try to understand it by example. If you have taken a home loan of Rs 75 lakh for 10 years, then your EMI was Rs 85926 at an interest rate of 6.70 per cent. Which has now come to 86,888 rupees after the 6.95 percent interest rate was implemented.
44 crore customers will be affected
However, anyone can apply for a SBI home loan. If we talk only about SBI account holders then there are around 44 crores. Which will have a direct effect on it. At the same time, it has not yet implemented its new rates from other banks. In the coming days after SBI, the rest of the government and private banks of the country can implement their new rates.