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Monday, October 25, 2021

SBI Home Loan: Homelone becomes expensive in SBI from April 1, now how much EMI will increase

The impact of SBI home loans being expensive can be seen on the entire industry as other banks may also raise interest rates.

SBI Home Loan: For home buyers, taking home from SBI has become expensive again from April 1. SBI, the country’s largest state-run bank, has revived its homeland in the new financial year. The bank had announced to provide home loans at the rate of minimum 6.7 per cent in March under an offer. This offer has ended on 31 March. According to news agency PTI, SBI has revised its home loan rate and now home buyers will have to pay a minimum interest rate of 6.95 per cent. This interest rate will be effective from April 1. In this way, the interest rate of home loan has increased by 0.25 percent. Apart from this, the processing fee on the home loan was waived till 31 March and now this exemption has been abolished.

Last month, SBI was providing a minimum period of 6.70 per cent for home loans up to Rs 75 lakh and 6.75 per cent for home loans above Rs 75 lakh and Rs 5 crore. The impact of SBI’s high cost of home loans can be seen on the entire industry as other banks may also raise interest rates.

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Waiver on processing fees ended

Last month, in March 2021, SBI’s home loan customers got 100 percent relief from processing fees, but now this relief has ended. Now, the consolidated processing fee will have to be paid on the home loan. This will be 0.40 per cent of the loan amount and in addition the Goods and Services Tax (GST) on home loan will have to be paid extra. This will be a minimum of Rs 10 thousand and a maximum of Rs 30 thousand. In addition, GST will be payable extra.

Home buyers will be affected this way

  • Let’s say that you have taken a home loan for 50 lakhs for 15 years.
  • Now the processing fee and GST will have to be paid on it. The processing fee is minimum 10 thousand rupees and maximum 30 thousand rupees. Apart from this, GST is payable. This entire amount was waived last month.
  • In March 2021, an EMI of Rs 44,107 would have been made on your loan at the rate of 6.70 per cent and in 15 years you would have to pay ₹ 29,39,257 interest. In this way a total of ₹ 79,39,257 would have to be repaid on a loan of 50 lakhs.
  • Now from April 1, an EMI of ₹ 44802 will be made at the rate of 6.95 per cent, which means that you will have to pay Rs 695 more every month. Apart from this, ₹ 30,64,317 interest will have to be paid over the entire loan term. In this way, you will have to pay ₹ 1,25,060 more interest as interest and for a loan of 50 lakhs, you have to pay ₹ 80,64,317.

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Nisha Chawlahttps://www.businesskhabar.com/
She is an expert in Banking, Finance and working with an international bank. She sharing her ideas and knowledge with Business Khabar.
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