Are you considering taking a bank loan to buy your dream home or spruce up your current one? Well, this August, the State Bank of India has some exciting news for you: they’re offering home loans at super low interest rates, which are way lower than what other banks are offering.
So, if you’re considering a home loan of Rs. 75 lakh, you must wonder about the monthly EMI, right? In a Big City, a minimum of Rs. 50 lakh is typically required to buy a house or apartment, with prices ranging from Rs. 75 lakh to Rs. 1 crore in areas with high demand.
Therefore, for many individuals, taking a bank loan is necessary to achieve the dream of homeownership. Fortunately, most banks, including the State Bank of India, currently provide low-interest loans. Now, let’s explore the details of the interest rates for home loans of Rs. 75 lakh and above.
As the most prominent government bank in the country, the State Bank of India is committed to offering transparent and competitive interest rates.
For home loans exceeding Rs. 75 lakh, the interest rates range from 8.50% to 9.85%. The minimum interest rate of 8.50% is a testament to our commitment to fair lending, and it may be offered to individuals with solid credit scores and a good credit history.
The interest rates are influenced by the amount of the loan and the chosen tenure, ensuring a fair and transparent process for all borrowers.
If you’re considering a home loan above Rs. 75 lakh with the State Bank of India, you’ll start with a competitive interest rate of 8.50%, which can go up to 9.85%.
For instance, a person with a good credit score taking a Rs. 75 lakh home loan at the minimum interest rate of 8.50% would have a monthly EMI that varies with the repayment period.
You can choose a repayment period that aligns with your financial planning. Let’s say you opt for a 20-year tenure. In this case, the monthly EMI would be Rs. 65,087, with a total interest payment of Rs. 81,20,818 over the loan tenure.
This means a total of Rs. 1,56,20,818 would be paid by the end of the loan tenure. If you prefer a 15-year tenure, the monthly EMI would be Rs. 73,855. Or, if you choose a 25-year tenure, the monthly EMI would be Rs. 60,392.