SBI Home Loan Rates: The country’s largest government bank, SBI, has given a big shock to its customers. If you are an SBI bank customer, then this news is very important for you. For information, despite the reduction in repo rate by RBI, the country’s largest bank, SBI, has increased the home loan rates for its customers by 25 bps. Let us tell you that the bank has increased the interest rate limit from 8.45 to 8.70 percent. At the same time, the interest rate on a home loan has increased from 7.50 percent to 8.70 percent.
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Which customers will be affected?
For information, let us tell you that the interest rates increased by the bank will especially affect those customers whose civil score is very low. At the same time, the home loans of other public sector banks like Bank of India, Bank of Maharashtra, Union Bank of India, and Central Bank of India have started at an interest rate of 7.35 percent. This maximum rate can be 10.10 percent or even more.
On what does the interest rate of a home loan depend
Let us tell you that if we talk about the interest rate, it depends on the credit score of the consumer. After SBI, other banks are also thinking of working in a similar way. RBI has changed the repo rate three times so far in the year 2025. After which, the repo rate has been cut by 100 bps or 1 percent. At the same time, the repo rate is 5.5 percent at present, so its purpose was to give relief to the general public. With this cut done by the RBI, there was also a possibility of a reduction in interest rates in many sectors, including home loans. This can indirectly benefit the common people.
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The home loan is reduced when the repo rate is low
For information, let us tell you that the interest rate at which the RBI gives money is called repo rate. SBI had said in one of its reports that home loans become cheaper when the repo rate is low. In such a situation, this change should first be assessed on those loans where external benchmarks are linked to the lead rate.