SBI home loan borrowers? Here's how, from July 2019, your EMIs will become cheaper

The month has arrived for homebuyers where home loans have become even more cheaper at State Bank of India (SBI). When, the Reserve Bank of India (RBI) announced its third rate cut by 25 basis points taking the policy repo to 9-year low at 5.75%, it was SBI that made another bold move. The bank had already linked its saving deposits and short term loan account above Rs 1 lakh with policy repo rate, but in June 2019 yet another surprise was given which was highly beneficial for homebuyers. SBI decided to link its home loan product with policy repo rate which has now come into effect from July 01, 2019. Notably, SBI already gives the cheapest home loan among major banks, making EMIs more flexible and cheaper for customers. 

Here's latest home loan interest rate offered by SBI. 

At SBI, home loan interest rates are set in two categories namely salaried and non-salaried separately for men and women. In case of loan upto Rs 30 lakhs, SBI charges interest rate between 8.55% to 8.65% on salaried women, while the non-salaried ones here get between 8.70% to 8.80%. While, for loans above Rs 30 lakhs but up to Rs 75 lakhs - a salaried women gets 8.80% to 8.90%, while the non-salaried one 8.95% to 9.05%. Similarly, a salaried woman gets rates ranging from 8.90% to 9% and that for non-salaried one the rates are 9.05% to 9.15% on above Rs 75 lakh loans. 

In case of men for similar loans mentioned above, interest rates are just 5 basis points higher in the same manner. So that means, a salaried man will get 8.60% to 8.70% on home loan below Rs 30 lakhs. The same applies on other home loan limit as  well.

SBI also has many other features in regards to home loan. 

Insta home top-up loan:

This type of loan is given at a minimum value of Rs 1 lakh and maximum Rs 5 lakh. Interest rate is 100 basis points above 1-year MCLR which will indicate currently somewhat 9.45% irrespective of risk, grades, gender and occupation.

Home top-up loans: 

This one is given other than insta-home loan without any extension of mortgage on house property. A maximum Rs 5 lakh loan can be availed in this category. If you are salaried borrower then interest rate will be 1-year MCLR plus 100 bps resulting in 9.45%. While for non-salaried borrowers, the rate will be 1-year MCLR plus 150 bps resulting in 9.95%. 

Here’s how you can apply:

To apply, visit: https://onlineapply.sbi.co.in/personal-banking/home-loan-callback?se=Soc...

Select the loan category, in this case will be home loan. Fill in details like name, city, language, mobile number and email address. Add the details mentioned in captcha code and submit. After receiving your application, SBI will give a call back to the customers for further procedure. 

Interestingly, RBI is seen to make further rate cuts ahead. And if that is the case, well then embrace yourself to see further reduction in SBI's home loan interest rates.