With the recent policy rate cuts from Reserve Bank of India (RBI), State bank of India (SBI) has cut its home loan rates by 0.05%. This has made SBI home loan cheapest in the market.
The new Home Loan rates from SBI are 9.95% for Loans below 30 lakh and 10.10% for loans of more than Rs. 30 lakh.
Below is the table showing the new EMI per lakh of loan.
| Loan Tenure (Years) | Loan upto 30 lakh | Loan above 30 lakh |
| 30 | 874 | 885 |
| 25 | 905 | 916 |
| 20 | 962 | 972 |
| 15 | 1,072 | 1,081 |
| EMI per Lakh | ||
In case you are paying more for your Home Loan, it makes sense to switch to SBI.
Also Read: How much you can gain by shifting to lower interest rates loans?
Here is the advertisement from SBI:
It took me 3 months of running around before the Home Loan was disbursed by SBI. Pathetic service I must say
Hmmm… I hope SBI is reading this and improve on their customer service!
SBI though gives loans at the lowest rate but it takes lot of time and its not customer friendly 🙁
I think this is SBI’s business model. Keep the rates lowest and customers would find a way to get through the bureaucratic system. But if SBI becomes more friendly it would make life difficult for competition!