Home Loan EMI: When you apply for a loan from a bank, the first step is to check your credit score. It provides information about a customer’s ability to obtain and repay the loan. Credit scores are crucial for home loans. The better your credit score, the lower the interest rate. Additionally, you can also obtain a loan with a larger loan amount. Different banks offer different interest rates on home loans. Therefore, be sure to compare the interest rates and processing fees offered by multiple banks before taking out a loan.
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SBI Home Loan Interest Rates
SBI offers home loan interest rates ranging from 7.50% to 8.70%. Home loan max-gain interest rates range from 7.75% to 8.95%. Top-up loans offer interest rates ranging from 8% to 10.75%. Top-up home loans offer interest rates ranging from 8.25% to 9.45%. Loans against property offer interest rates ranging from 9.20% to 10.75%. Reverse mortgage loans offer interest rates ranging from 10.55%. In addition, InstaHome top-up loans offer interest rates ranging from 8.35%.
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What will be the EMI on a home worth Rs. 60 lakh?
If you take a home loan of Rs. 60 lakh from SBI at an interest rate of 8% for 30 years, the EMI will be Rs. 44,026 per month. The total monthly EMI for a home worth Rs. 60 lakh over 30 years will be Rs. 98,49,315. If you get a home loan at an interest rate of 7.50%, the monthly EMI will be Rs. 41,953. After this, the total monthly EMI will be Rs. 91,333.
