If you are planning to take a home loan from the State Bank of India (SBI) to buy your dream home, now is a great opportunity. After the Reserve Bank of India (RBI) reduced the repo rate, SBI also cut its home loan interest rates by 0.25%. Due to this, the interest rate on SBI home loans has now come down to 8.25%. This will also reduce the EMI, making loan repayment easier.
Your monthly salary plays an important role in getting a home loan of ₹50 lakh from SBI. According to SBI’s new loan rules, if you want a ₹50 lakh home loan for 30 years at an 8.25% interest rate, your monthly salary should be at least ₹76,000. With this salary, the bank will consider you eligible for the loan. However, if you already have an ongoing loan, it may affect your eligibility. The bank will calculate your income after deducting existing EMIs before approving your home loan.
Monthly EMI on a ₹50 Lakh Loan
If you take a home loan of ₹50 lakh from SBI for 30 years, your monthly EMI will be around ₹38,000. However, this EMI may vary depending on the bank’s interest rate and loan tenure. If you repay the loan early, your EMI can also be reduced.
For a ₹50 lakh loan at an 8.25% interest rate, you will need to pay ₹38,000 per month through 360 instalments over 30 years. In the initial years, a major portion of the EMI goes towards interest repayment, while the principal amount is repaid more quickly in later years.
Is This Loan Right for You?
If your monthly salary is around ₹76,000 and you have no existing loan liabilities, then an SBI home loan of ₹50 lakh can be a good option. This loan can help you fulfil your dream of owning a home. However, it is important to check with the bank about additional charges, processing fees, and any other costs before applying.
Benefits of SBI’s New Interest Rate
With SBI reducing its home loan interest rate by 0.25%, customers will now benefit from lower EMIs. This reduction makes it easier to buy a home and provides better loan options with manageable repayment terms.