State Bank of India has decreased its home loan interest rates by 0.25%, or 25 basis points with effect from Wednesday, January 01, 2020. This interest rate reduction will cut the cost for those people who have taken their SBI home loan advances on floating rate of interest.
New Delhi (Delhi, India), February 07, 2020
The State Bank of India (SBI) has decreased its home loan interest rates by 0.25 percent, or 25 basis points with effect from Wednesday, January 01, 2020.
State Bank of India has revised its minimum home loan floating interest rate from 8.15 percent to 7.90 percent per annum (EBR + 0.10%) for salaried female applicants (EMI ₹727 per lakh for a period of 30 years) and from 8.20 percent to 7.95 percent per annum (EBR + 0.15%) for salaried male applicants (EMI ₹730 per lakh for a period of 30 years) for the home loan amount up to ₹30,00,000.
State Bank of India has also revised its minimum home loan floating interest rate from 8.30 percent to 8.05 percent per annum (EBR + 0.25%) for self-employed female applicants (EMI ₹737 per lakh for a period of 30 years) and from 8.35 percent to 8.10 percent per annum (EBR + 0.30%) for self-employed male applicants (EMI ₹741 per lakh for a period of 30 years) for the home loan amount up to ₹30,00,000.
State Bank of India’s cut in current mortgage loan interest rate will reduce the cost of funds for those people who have taken their home loan advances on floating rate of interest. However, this interest rates revision will not affect the State Bank of India’s fixed rate customers, as their contracted rates will remain unchanged.
State Bank of India’s home loan interest rate is based on floating rate of interest with reset period of 1 year and the interest amount is computed on a monthly reducing method.
The home loan interest rate of State Bank of India is benchmarked or linked to its External Benchmark Based Rate (EBR). State Bank of India’s current External Benchmark Based Rate, which is called EBR, is 7.80 percent per annum with effect from Wednesday, January 01, 2020.
State Bank of India’s home loan processing fee is 0.50% of the home loan amount approved. The minimum processing fee for State Bank of India’s home loan is ₹2,000 and maximum is ₹11,500 in addition to applicable GST.
State Bank of India’s documentation charges for a home loan is ₹500 exclusive of GST.
The minimum loan tenure for State Bank of India’s home loan is 36 months (3 years), while the maximum loan period for State Bank of India’s housing finance is 360 months (30 years).
The minimum age limit for getting State Bank of India’s home loan sanctioned is 21 years for salaried and self-employed applicants at the time of home loan commencement.
The maximum age limit for receiving State Bank of India’s home loan approval is 65 years for salaried applicants and 70 years for self-employed applicants at the time of home loan maturity.
The minimum borrowing amount for State Bank of India’s home loan is ₹300,000. The maximum quantum of State Bank of India’s home loan one can get is up to 90% of the home value.
State Bank of India’s margin requirement for home loan is (1) minimum 10% of the house or property purchase value up to ₹3,000,000, (2) minimum 20% of the house or property purchase value from ₹3,000,001 to ₹7,500,000, and (3) minimum 25% of the house or property purchase value above ₹7,500,000.
There are nil pre closure charges or prepayment penalty for State Bank of India’s home loans or State Bank of India’s home improvement loans with floating rate of interest.
EMI late payment charge for State Bank of India’s home loan is minimum 2% penal interest per year over and above the applicable interest rate on the home loan EMI outstanding amount for the period of default.
The bounce charges for State Bank of India’s home loan EMI cheque, SI, or ECS default is ₹500 plus applicable GST per instance.
The conversion charge for State Bank of India’s floating rate of interest home loan is 0.50% of the home loan principal outstanding amount plus applicable GST.
The three options for making State Bank of India’s home loan EMI payments are (1) Standing Instruction (SI), (2) Electronic Clearing Service (ECS), or (3) Post-Dated Cheques (PDCs).
For State Bank of India’s home loan, no guarantor is required. However, for availing State Bank of India’s home loan, hypothecation of the house purchased out of loan amount is compulsory as loan security.
7.90% Per Annum for Home Loan Amount up to ₹30,00,000 (EBR 7.80% + 0.10%)
8.15% Per Annum for Home Loan Amount ₹30,00,001 to ₹75,00,000 (EBR 7.80% + 0.35%)
8.25% Per Annum for Home Loan Amount above ₹75,00,000 (EBR 7.80% + 0.45%)
8.05% Per Annum for Home Loan Amount up to ₹30,00,000 (EBR 7.80% + 0.25%)
8.30% Per Annum for Home Loan Amount ₹30,00,001 to ₹75,00,000 (EBR 7.80% + 0.50%)
8.40% Per Annum for Home Loan Amount above ₹75,00,000 (EBR 7.80% + 0.60%)
7.95% Per Annum for Home Loan Amount up to ₹30,00,000 (EBR 7.80% + 0.15%)
8.20% Per Annum for Home Loan Amount ₹30,00,001 to ₹75,00,000 (EBR 7.80% + 0.40%)
8.30% Per Annum for Home Loan Amount above ₹75,00,000 (EBR 7.80% + 0.50%)
8.10% Per Annum for Home Loan Amount up to ₹30,00,000 (EBR 7.80% + 0.30%)
8.35% Per Annum for Home Loan Amount ₹30,00,001 to ₹75,00,000 (EBR 7.80% + 0.55%)
8.45% Per Annum for Home Loan Amount above ₹75,00,000 (EBR 7.80% + 0.65%)
8.00% Per Annum for Home Loan Amount up to ₹28,00,000 (EBR 7.80% + 0.20%)