SBI Home Loan: Interest rate increased! Check new rates at sbi.co.in

SBI Home Loan: The State Bank of India (SBI) has increased SBI Home Loan Interest Rate from 1st April 2021. Now, SBI Home Loan is available at an interest rate of 6.95 per cent instead of 6.70 per cent. As per the official SBI website — sbi.co.in — SBI Home Loan Interest rate begins from 6.95 per cent, which is 0.25 per cent higher than the concessional SBI home loan interest rate till 31st March 2021.

Apart from the rise in SBI Home Loan Interest rate, the bank has also announced that there will be no waiver in processing fee from now. As per SBI, Home Loan processing fee would be 0.40 per cent of the loan amount plus Goods and Services Tax (GST). Processing fee waiver on SBI Home Loan was available till 31t March 2021 only and with the beginning of new financial year from 1st April 2021, that offer has also gone with the concessional SBI Home Loan.

This decision taken by the SBI may spur other banks to increase their home loan interest rate. However, SBI home loan interest rate is still amongst the lowest as majority of other banks are charging higher rates. 

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Those SBI home loan borrowers who have taken a home loan earlier at a higher rate can get it cut. 

As per sbi.co.in, one time switch fee of Rs 5,000 plus taxes will be charged if a home loan borrower wants to switch over from earlier interest rate to current home loan interest rate.