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Wednesday, December 1, 2021

SBI Home Loan: Find out the right deal, will save 5 lakh, see calculus on 40 lakh loan for 20 years

Best Home Loan Deal: The festive season has started. Dussehra is coming and Diwali next month. The festival of Dussehra and Diwali is also known as an auspicious occasion. While many people buy essential items for the house such as TV, freeze or car on Dussehra and Diwali, these days many people also plan to buy their dream home. It is possible that you are also one of these, who are planning to book their house this Diwali. This is a very good opportunity to buy a house when the interest rates of home loan are at the low age of 15 years.

Pay attention to these things

While taking a home loan, you must at least compare the interest rate offered by some big banks. This can make it easier to decide where it will be cheaper to take a home loan. We have compared home loans here for 20 years on average 40 lakh rupees to 3 big banks. Based on which the monthly EMI to the loan will be the total interest. Also, after 20 years, how much amount you have to pay on the total loan. How much you have to pay as interest.

Festive season: Axis Bank is offering on purchases through credit and debit cards, home loan will be available at the rate of 6.9%


Total loan: Rs 40 lakhs
Tenure: 20 years
Interest Rate: 7.25% pa
After the new offer: 7.10% per annum
Monthly EMI: Rs 31253
Total Interest: Rs 35,00,603 (35 Lakh)
Total payment in 20 years: 75,00,603 (75 lakh)

(Note: Interest on loans ranging from 30 lakh to 75 lakh on the State Bank of India website is 7.25 per cent. Under the new offer, if the CIBIL score is good, then 10 basis points will be deducted and 5 basis points will be exempted from Yono app It will be 7.10 per cent in this way.)


Total loan: Rs 40 lakhs
Tenure: 20 years
Interest Rate: 7.5% pa

Monthly EMI: Rs 32224
Total Interest: Rs 37,33,695 (37.33 Lakh)
Total payment in 20 years: 77,33,695 (77.33 lakh)


Total loan: Rs 40 lakhs
Tenure: 20 years
Interest Rate: 7.95% pa

Monthly EMI: Rs 33333
Total Interest: Rs 39,99,977 (40 Lakh)
Total payment in 20 years: 79,99,977 (80 lakhs)

Compare EMI

SBI: Rs 31253
HDFC Bank: Rs 32224
ICICI Bank: Rs 33333

Comparison of total interest

SBI: Rs. 35 lakhs
HDFC Bank: Rs 37.33 lakh
ICICI Bank: Rs. 40 lakhs

Buying a house became cheaper this Diwali; SBI gives 0.25% discount on home loan interest rate, understand here how much it will benefit

(Note: All these details are given according to the information given on the website of different banks.)

Source: www.financialexpress.com

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