SBI Home Loan: Last year, the Reserve Bank of India (RBI) had reduced the repo rate by a total of 1.25 percent, due to which all loans including home loan, car loan became cheaper. Common people are getting the direct benefit of loans becoming cheaper, because loan interest rates have come down due to low repo rates and EMIs have reduced due to low loan interest rates. The country’s largest government bank- SBI is now offering home loans at very attractive interest rates. State Bank of India is now offering home loans at starting interest rates of just 7.25 percent. Here we will know what should be the monthly salary to take a home loan of Rs 40 lakh at an interest rate of 7.25 percent for 30 years and how much EMI will be paid every month.
What should be the salary to take a home loan of Rs 40 lakh?
Home loan interest rates of State Bank of India are starting from 7.25 percent. To take a home loan of Rs 40 lakh for 30 years at an interest rate of 7.25 percent, your monthly salary should be at least Rs 55,000. But, for this you have to keep one thing in mind that no other loan should be active in your name. If you take a home loan of Rs 40 lakh for 30 years from SBI at an interest rate of 7.25 percent, you will have to pay an EMI of around Rs 27,500 every month. Let us tell you that in case of home loan, almost half of your salary goes towards the EMI of the loan.
Credit score should be good to take home loan
To take a home loan from any bank, your credit score should be good. If your credit score is not good then banks may reject your loan application. A good credit score is very important for any type of loan. Apart from credit score, the bank also checks your past loan accounts. If your credit score is good then you can also talk to the bank for discount in interest rates. Many times, due to good credit score, banks give you good interest rates. Therefore, instead of going to just one bank for a home loan or any other loan, one should visit different banks and look for the best offer.
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