SBI has increased the interest rates on home loans. The bank’s new interest rates are 6.95 percent and it has come into force from April 1, 2021.
New Delhi: The country’s largest government bank SBI (State Bank of India) has given a big blow to the home buyers. The bank has increased the interest rates on home loans. That is, on buying a house, now you have to pay more EMI than before. Explain that now the bank’s new interest rates have been 6.95 percent. At the same time, the bank was offering home loans till March 31 at 6.70 percent interest rates.
SBI had offered a home loan of up to Rs 75 lakh for a limited period at 6.70 per cent interest. At the same time, the interest rate on home loan of 75 lakh to five crore rupees was 6.75 percent.
Other banks can also increase interest rates
According to the SBI website, the interest rate of 6.95 percent has become effective from April 1. The new rates are 0.25 basis points higher than the limited term offer. After SBI has increased the minimum home loan rates, other banks can also take similar steps.
How much will the processing fee be
The bank has also levied an integrated processing fee on home loans. This will be 0.40 percent of the loan amount and in the form of Goods and Services Tax (GST). Apart from this, the processing fee will be minimum Rs 10,000 and maximum Rs 30,000 (plus GST). Last month, SBI announced waiving the processing fee on the home loan by 31 March.