SBI Update: Good news for home loan borrowers, SBI reduces interest rates..

Repo rate cut: The country's largest government bank, State Bank of India (SBI Home loan), has released an update for its crores of customers, in which SBI has reduced the interest rates of home loans. Due to the reduction in interest rates, people who had taken home loans earlier will now have to pay fewer loan installments (Home loan EMI). Due to this, the EMI or tenure of the old home loan can be reduced. Let's know the complete information about this.

Update issued for crores of customers-

The country's largest government bank, State Bank of India (SBI home loan), has released some relief news for its crores of customers. SBI has reduced the rates related to home loans and car loans. Due to this, the EMI or tenure of the old home loan can be reduced.

Taking a new home loan (home loan interest rate) has become cheaper than before. If you have taken a home loan or any floating rate loan from SBI, then you are now going to get relief. SBI has reduced MCLR by 0.25 percent. These new interest rates (interest rate of home loan) are going to be implemented from July 15, 2025.

SBI MCLR will be this much in July 2025-

MCLR, i.e., Marginal Cost of Funds Based Landing Rate, has been reduced by 0.25 percent this time.

Overnight and 1-month MCLR: It has been reduced to 7.95 percent. It was earlier 8.20 percent.

3-month MCLR: It can be done from 8.55 percent to 8.35 percent.

6-month MCLR: It has been reduced from 8.90 percent to 8.70 percent (Home loan MCLR).

1 year MCLR: It has been reduced from 9.00 percent to 8.80 percent.
2-year MCLR: Was 9.05 percent, which has now been reduced to 8.95 percent.
3-year MCLR: Has been reduced from 9.10 percent to 8.90 percent.

This move of SBI can provide relief in EMI (Home loan EMI) in the coming time. Especially those customers who have a loan interest rate linked to MCLR or other floating rates. If you are thinking of taking a new home loan or want to do a top-up (Home loan Top Up), then this time can prove to be very beneficial for you.

Other lending rates of SBI-

EBLR: 8.15 percent + CRP + BSP
Repo Linked Lending Rate - 7.75 percent + CRP (These rates are applicable from June 15.)

The EMI (Home loan EMI) of loans linked to EBLR and RLLR can also be reduced. However, these changes will depend on the reset date of the loan.

Normal Home Loan: 7.50 percent to 8.45 percent (These rates depend on the CIBIL score of the users.)
Maxgain Overdraft Home Loan: 7.75 percent to 8.70 percent
Top-up Home Loan: 8 percent to 10.50 percent
(All rates are to be implemented from June 15, 2025)
Home Loan Processing Fees will be this much-
SBI charges 0.35 percent processing fee (GST extra), in a minimum limit of Rs 2,000 and a maximum limit of Rs 10,000.

Know what is CIBIL Score-
CIBIL is a credit information company, which provides your credit history and score. A better score means you are expected to get a loan at a lower interest rate (home loan interest rate). Apart from this, Experian, Equifax and Highmark are also RBI recognized credit agencies.

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