SBI has hiked home loan rates by 50bps

Mumbai: The country’s largest lender State Bank of India (SBI) Has increased Interest Rates on home loans range from 50 basis points (100bps = 1 percentage point) to 7.55%. The new rates are effective from June 15 and follow the decision of the Reserve Bank of India to increase repo. Rate By 50bps.
Axis Bank has also raised its lending rates and now offers loans to its best customers (with a score of over 800) at 7.6%.
Last week, the country’s largest housing finance company HDFC Increased it Home loan Rate 50bps to 7.55%. An increase in rates would mean that EMI Rs. 1 crore, a 20-year home loan of Rs. There will be a slight increase from 3,000. SBI’s 7.55% rate is available for regular home loans where the borrower’s credit score is over 800.
Lending rates increase with a 50-point decrease in the credit score. People with a credit score between 750 and 799 will pay 7.65%, and borrowers with a score of 700-749 will get a loan at 7.75%. New-to-credit borrowers who do not have a credit score will not get a loan of less than 7.75%. Bank Rs. Loans up to Rs 30 lakh will be charged a premium of 10bps with a loan-to-value ratio of more than 80%.


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