SBI Home Loan : A large section of India’s population leaves their hometowns and families behind to work in other cities and earn a living. Eventually, there comes a time when salaried individuals start planning to buy their dream home in the city where they work so that they can live with their families. In most cases, purchasing a house in big cities requires taking a home loan. The Reserve Bank of India (RBI) has cut the repo rate by 1% this year, leading to a 1% reduction in home loan interest rates as well. In this article, we’ll find out how much salary you need to take a home loan of ₹60 lakh from SBI and how much EMI you’ll have to pay every month.
SBI Offering Home Loans Starting at 7.50% Interest Rate
After the RBI reduced the repo rate, the State Bank of India (SBI), the country’s largest public sector bank, also slashed its home loan interest rates by 1%. Now, SBI is offering home loans starting at an interest rate of 7.50% per annum.
If you take a home loan of ₹60 lakh for a tenure of 30 years at an interest rate of 7.50%, your monthly salary should be at least ₹84,000. However, one important point to note is that you should not have any other active loans under your name.
At 7.5% interest, for a ₹60 lakh home loan with a 30-year tenure, your monthly EMI will be approximately ₹42,000.
A Good Credit Score Is Crucial for Home Loan Approval
Having a good credit score is extremely important when applying for a home loan with any bank. If your credit score is poor, the bank may reject your loan application. A good credit score plays a vital role not only in home loans but in all types of loans.
In addition to your credit score, banks also check your previous loan accounts and repayment history. If your credit score is strong, you can even negotiate for a lower interest rate. In many cases, banks offer better deals and reduced rates to applicants with excellent credit scores.
Therefore, instead of applying for a home loan at just one bank, it’s wise to explore multiple banks to find the best possible offer on interest rates and terms.
