SBI Home Loan Calculator: Interest rate cut, know how it will impact your EMI | You will save this much money

SBI Home Loan Calculator EMI Impact: Waiving off the processing fee and further cutting down the home loan interest rate, the State Bank of India (SBI) has announced big bonanza for the homebuyers. In this home loan interest rate relaxation, a homebuyer can avail 5 bps to 30 bps further home loan interest rate cut, which is currently at 6.95 for a SBI home loan above Rs 30 lakh.

SBI Home Loan Calculator EMI: What You Will Pay
Assuming that a home loan applicant has excellent CIBIL rating and he or she is able to get highest 30 bps interest rate relaxation, if the SBI Home Loan applicant gets Rs 50 lakh home loan for 20 years' time period, monthly EMI at 6.95 per cent per annum interest rate would be at Rs 38,615. In the case of new home loan interest rate relaxation of 30 bps, new EMI will be Rs 37,722. 

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SBI Home Loan Calculator EMI How Much You Will Save 
So, a SBI home loan applicant having excellent CIBIL score will be able to save Rs 893 per month in the new scenario, says SBI Home Loan Calculator. So, after 20 years, the home loan applicant will be able to save Rs 2.14,320 or Rs 2.14 lakh.

Source: SBI Home Loan CaLulator

Source: SBI Home Loan Calculator

SBI Home Loan Interest Rates: CIBIL Linkage
For information of the readers, SBI Home loan interest rates are linked to CIBIL score and start from 6.80 per cent for loans up to Rs 30 lakh and 6.95 per cent for loans above Rs 30 lakhs. Interest concessions up to 30 bps is also available in 8 metro cities for loans up to Rs 5 Cr.

SBI Home Loan Interest Rates: Get Additional 5 bps Cut
Customers can also apply from the ease of their home via YONO App or online at https://homeloans.sbi,  www.sbiloansin59minutes.com and get additional interest concession of 5 bps.