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Tuesday, January 31, 2023

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SBI reduced home loan interest rates, know how much you can benefit?

In recent times, almost all banks have cut home loan interest rates. Most banks are offering home loans at an interest of six to seven per cent. This is the lowest interest rate in the last nearly two decades.

SBI on Saturday reduced its home loan interest to 6.70 per cent. The country’s largest public bank said that for loans up to Rs 30 lakh, the interest rate on home loans has been reduced to 6.70 per cent, while the rate on home loans above Rs 30 lakh and up to Rs 75 lakh is 6.95 per cent. Is laid.

The bank has kept interest at 7.05 per cent on loans above this. For women home loan customers, this is also being exempted. For them, the interest rate of home loan has been reduced by 5 basis points. Customers can also apply for a loan from the Yono App loan. An additional five basis points will be given to such customers.

Low EMI increases the ability to borrow

CS Shetty, managing director of retail and digital banking of the bank, has said that the ability of customers to take loans has increased. The EMI has come down due to the reduced rate. Due to this, the ability of customers to take loans has increased. The bank was offering 6.70 per cent on home loans till 31 March 2021.

From April 1, it had restored the old 6.95 percent rate. SBI has a 34 per cent share in the home loan market and has given a total home loan of more than Rs 5 lakh crore.

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