Can SBI Home Loan Interest Rate Fit In Your Installment? State Bank Of India is providing loans to the customer for a long time and the reason for that is its affordable rate. The interest rate charged on your loan amount for the home finance is based on the bank base rate. So you can opt for a floating SBI home loan interest rate and get the benefit of low equated monthly loan installment. You can calculate the installment of the borrowed amount through SBI home loan EMI calculator. To know about SBI home loans it’s features and online tools read the given article. How SBI home loan interest rate is determined? The interest rate is based on the SBI base lending rate that is 7.8% for floating rate of interest. And, SBI home loan interest rates are starting from 7.95% and it can be fixed if you choose for a fixed loan interest rate. You can get a low-interest rate on your home loan amount if you have the below-mentioned features. ●
Good CIBIL: The credit score displays your credit history to the bank and if your score is equal to 700 or above it then a low-interest rate would be charged. You can also have the negotiation power when your score is high. SBI estimates the applicant CIBIL score to know the individual payment track record.
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Decent Income: With a minimum income of INR 25,000 a salaried individual can apply for a home loan from SBI. And, the interest rate will be reasonable if you have less liabilities during the loan sanction. Self-employed applicants with an annual turnover of INR 2 lakh and above are eligible for an attractive interest rate.
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Women Applicant: SBI provides a special discount offer on SBI home loan interest rate for the women applicants. A male applicant can get an interest rate of 7.95% then a women applicant will get a 7.90% interest rate for the same amount. So you can add a women co-applicant to lower the loan interest rate.
Through SBI Home Loan EMI calculator compute the payable interest rate You can calculate the installment of your home loan using SBI EMI calculator tool. With the help of this online calculator, you can generate your loan EMIs and total payable interest rate for the principal amount. To estimate EMI mention your loan details such as loan amount, interest rate and repayment period in the SBI Home Loan EMI Calculator. The advantage of this tool is that it makes your loan payment manageable. For instance, you can make prepayment for your home loan when the interest rate is low and estimate its benefit using the EMI calculator. Get SBI personal loan and make your home finance affordable
To avail a home loan from SBI visit the bank branch and if you are an existing customer then check for the pre-approved loan offers. You can submit a few documents and charges such as ID proof, income documents and a processing fee that is 0.40% of your loan amount. And can reduce the burden of the SBI home loan interest rate by making prepayment. A 2% per annum interest rate will be charged for the irregular payment or a minimum INR 250 penalty charge. Because if prepayment is made before the fixed repayment period then the bank can charge a penalty fee otherwise zero prepayment or foreclosure charges will be applied.