SBI Bank: Bank of India Bank of India (SBI), the country’s largest government, has given great relief to its customers. The bank has recently cut its EBLR and home loan rates by 50 basis points (0.50%). This change has been made after the Reserve Bank of India (RBI) reduced the repo rate and this new rate has come into force from 15 June 2025.
What is EBLR?
EBLR i.e. External Benchmark Lending Rate is a system that banks fix interest rate on their loan. This rate is directly connected to the repo rate of RBI. Meaning, if RBI reduces the repo rate, home loans become cheap. This makes the interest rates transparent. Also, customers get the benefit of low interest.
SBI’s new EBLR and Home Loan Rate
Now SBI’s EBLR has come down from 8.65% to 8.15%. Also, SBI has also reduced home loan rates. The new rates are like this. State Bank of India (SBI) has released new interest rates for different loan categories.
The interest rate on home loan (term loan) will now be between 7.50% to 8.45%.
The interest rate for home loan maxgain (overdraft mode) has been fixed at 7.75% to 8.70%.
The interest rate on top up loans will be between 8.00% to 10.50%, while this rate on the top up overdraft loan is 8.25% to 9.20%.
The interest rate of loan (P-LAP) on the property is kept from 9.20% to 10.50%.
The interest rate on reverse morgue loan (RML) has been fixed at 10.55%.
At the same time, the interest rate for Yono Insta Top Up Loan will be 8.35%.
Home loan interest rates also depend on the customer’s credit score.
What is the benefit of customers from this change?
Home loans will now get cheap now, which will reduce your EMI. It will be easy to take a new loan, and this will help the dream of buying a house fulfill soon. This decision of SBI will give great relief to the customers taking loans, while those who invest in FD, especially senior citizens, may suffer a little damage. If you are thinking of taking a new home loan or want to transfer your existing loan, then this time can be beneficial for you.
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