SBI Home Loan: The Reserve Bank of India (RBI) has reduced the repo rate by a total of 1.25 percent this year. Due to reduction in repo rate by RBI, loans became cheaper and common people are getting its direct benefits. In this series, the largest government bank- SBI has also reduced the interest rates on all loans. State Bank of India is now offering home loans at initial interest rates of only 7.25 percent. Here we will know what should be the monthly salary to take a home loan of Rs 50 lakh at an interest rate of 7.25 percent for 30 years and what will be the EMI every month.
What should be the salary to take a home loan of Rs 50 lakh?
Due to reduction in repo rate by RBI, interest rates on all types of loans including home loan, car loan, personal loan and education loan have reduced. Home loan interest rates of State Bank of India are starting from 7.25 percent. To take a home loan of Rs 50 lakh for 30 years at an interest rate of 7.25 percent, your monthly salary should be Rs 69,000. But, for this you have to keep one thing in mind that no old loan should be active in your name. If you take a home loan of Rs 50 lakh for 30 years from SBI at an interest rate of 7.5 percent, you will have to pay an EMI of around Rs 34,500 every month.
Role of credit score for 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 important for any type of loan. Apart from credit score, your past loan accounts are also checked. If your credit score is good then you can also demand discount in interest rates from the bank. 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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