SBI Home Loan: The country’s largest bank, SBI, has reduced interest rates after the Reserve Bank of India (RBI) cut the repo rate by a total of 1.25 percent this year. This has brought relief to borrowers. Following the reduction in the repo rate, the government-owned bank SBI has lowered its interest rates. SBI is currently offering home loans at an interest rate of 7.25 percent. Here, we will tell you what your salary should be if you want a Rs 50 lakh home loan for 30 years at a 7.25 percent interest rate. We will also tell you the monthly EMI amount.
What Salary is Needed for a Rs 50 Lakh Home Loan?
It is worth noting that after the RBI’s repo rate cut, interest rates on car loans, personal loans, and education loans have also decreased. SBI has announced interest rates, with the current rate being 7.25 percent. If you want a Rs 50 lakh home loan for 30 years, your salary should be Rs 69,000.
However, it is important to keep in mind that you should not have any other active loans in your name. With a Rs 50 lakh home loan from SBI for 30 years at a 7.25 percent interest rate, you will have to pay an EMI of Rs 34,500.
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What Role Does the Credit Score Play?
If you are going to take a home loan from any bank, your credit score should be excellent. If your credit score is not good, the bank will not approve your loan application. A good credit score is very important for any type of loan. Your credit history will also be checked. If your credit score is good, you can get a home loan from the bank at a lower interest rate. You can also avail of several other offers.