Home Loan EMI Calculator: SBI hikes interest rate! Check how it will impact your monthly repayment

Home Loan EMI Calculator: The State Bank of India (SBI) has increased its home loan interest rate from the old concessional rate of 6.70 per cent to 6.95 per cent. The largest Indian commercial bank website - sbi.co.in - has confirmed that SBI home loan interest rate begins from 6.95 per cent per annum and the rates have become effective from 1st April 2021. The bank also made it clear that there will be no processing fee waiver, which means now from 1st April, 2021, SBI has started charging 0.40 per cent plus taxes on the net home loan amount as processing fee.

SBI Home Loan EMI Calculator
So, it becomes important for the SBI home loan borrower to know how much extra he or she will have to repay in one's home loan EMI. So, if someone has taken SBI home loan worth Rs 50 lakh for tenure of 15 years in the previous month at 6.70 per cent per annum, then in that case, the monthly EMI will be Rs 44,107. During this previous arrangement, the home loan borrower had to pay Rs 29,39,257 as total interest over the loan term i.e. total payments made by the borrower will be Rs 79,39,257.

WATCH | Zee Business Live TV streaming below:

Now, when the SBI home loan has jumped to 6.95 per cent per annum. Same Rs 50 lakh loan for the tenure of 15 years will require Rs 44,802 monthly home loan EMI.

In this new home loan interest rate regime, a home loan borrower will pay Rs 30,64,317 as loan interest amount over the period of loan repayment and the net payment made by the home loan borrower will be Rs 80,64,317.

Apart from this, the borrower will have to pay Rs 0.40 per cent of Rs 50 lakh i.e. Rs 20,000 as processing fee at the beginning of the loan.