Are SBI Home Loan Interest Rates One of The Lowest in The Market?

Purchasing a house can exhaust all your life’s savings and upon that you have to take a big loan amount. The misery increases when the home loan interest rates are going skywards. In that case, what option do you have? The oldest and the most trusted public sector bank, SBI, provides one of the lowest interest rates on home loans. The interest rates are as low as 8.25% per annum. Such low interest rates massively help individuals as it lets them manage their finances better. Some other features of SBI home loan interest rates are commendable, like, women borrowers get to have the loan at a lower interest rate than men.

How can you ask for the lowest SBI Home Loan Interest Rates?

Net Monthly Income: SBI has a close look at your bank statements and salary slips to see whether you have a regular flow of the minimum net monthly income required. If there’s a consistency in your income, you can ask SBI to give you the lowest interest rate. Higher salary amount is always an edge in the eyes of State Bank of India.

Credit Score: Your credit score plays an important role in determining your interest rate. A good credit score translates into grabbing a lower SBI home loan interest rate. Whereas, a bad credit score can push you towards the higher end of the interest rate spectrum. Thus, it is advisable to keep a credit score of 750 and above. You just need to service your past debts properly (by paying your credit card dues on time and EMI payments for previous loans).

Relationship with SBI: Not only does an old and esteemed customer get a personal loan easily but they can also ask the bank to offer low interest rates. Because obviously there’s a trust factor and credibility that comes with an old relationship.

How can SBI Home Loan EMI Calculator Help You?

SBI Home Loan EMI Calculator is a tool developed by State Bank to help its potential home loan customers to gain clarity over the monthly amount they’ll have to pay based on their loan requirements. This calculator can help you in multiple ways. Let’s check out some them:

Helps you take Informed Decisions: SBI home loan EMI calculator helps you get a vivid understanding about the home loan you are going to take. It tells you about how much outflow of cash will happen from your net monthly income so that you can manage your lifestyle accordingly. Generally, EMIs subsume 40-50% of your monthly income and leave you with only 50% to live your life. So, the home loan EMI calculator is good in terms of planning and management.

Transparency: SBI home loan EMI calculator draws a clear bifurcation of interest rates, monthly installments, tenure and principal amount left to pay. You will know how much interest rate you’ll be paying exactly. This is help you gain transparency and clarity.

Very Easy to Handle: It doesn’t involve any rocket science. It is very simple to especially designed for the  usage of common man. You just have to deal with a couple of variables and you’re all set.