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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