SBI Home Loan: The Reserve Bank of India had announced the decisions taken in the Monetary Policy Committee meeting on April 8. RBI said that the committee has decided to keep the repo rate stable at 5.25 percent. Due to this decision of RBI, there will be no fresh cut in loan interest rates. However, loan interest rates have come down significantly. Last year, RBI had reduced the repo rate by 1.25 percent, due to which all other loans including home loan had become cheaper. Here we will know what should be the salary for employed people to take a home loan of Rs 50 lakh from State Bank of India?
What should be the salary to take a home loan of Rs 50 lakh?
After the RBI cut the repo rate by 1.25 percent last year, State Bank of India also reduced home loan interest rates. State Bank of India is currently offering home loans to its customers at initial interest rates of 7.25 percent. To take a home loan of Rs 50 lakh for 30 years at an interest rate of 7.25 percent from State Bank of India, your monthly salary should be at least Rs 69,000. If you want to take a home loan of Rs 50 lakh for 25 years, then your salary should be at least Rs 73,000 and if you want to take a home loan of Rs 50 lakh for 20 years, then your salary should be at least Rs 80,000.
You will have to pay special attention to these things also
According to its calculation, you will have to take special care that there should not be any other active loan in your name. If you already have another loan, then you will not be able to get a home loan of Rs 50 lakh for 30 years on a salary of Rs 69,000. Along with this, you will also have to take special care of your credit score. If your credit score is not good then it may be difficult for you to get a loan. Your credit score should be good for home loan.
SK Sharma is a content writer who writes on news, entertainment, and lifestyle topics. She has over four years of experience and is known for conveying information in simple and clear language.
