State Bank of India has increased the interest rates on home loans. The bank has taken this step after the Reserve Bank of India (RBI) increased the repo rate. SBI has already increased the interest rates on Fixed Deposits (SBI FD Rate).
New Delhi. The country’s largest bank, State Bank of India has increased the minimum interest rate of home loan (SBI Home Loan). The new home loan rates have come into effect from Wednesday, June 15. The bank has increased the Marginal Cost of Lending Rate (MCLR) by 0.20 percent. This has also come into effect from June 15. State Bank of India has taken this step after the Reserve Bank of India increased the repo rate by 50 basis points.
According to media reports, now the bank has reduced the minimum interest rate of home loan to 7.55 percent. Home loan at the rate of 7.55 percent will be available to those people whose CIBIL score is above 800. People whose CIBIL score is 750-799 will get loan at 7.65 per cent per annum. Similarly, SBI will give home loan at the rate of 7.75 per cent to those with CIBIL score 700-749 and 7.85 per cent to those with 650-699 score. Similarly, people whose CIBIL score is between 550 to 649, they will have to pay interest at the rate of 8.05 for the home loan. These are floating interest rates and they are repo linked.
MCLR also increased
The bank has also increased the one-year benchmark MCLR from 7.20 percent to 7.40 percent. All consumer loans like auto, home and personal loans are linked to MCLR. Therefore, if there is a change in the repo rate, then they also change. SBI has also increased the Repo Rate Linked Lending Rate (RLLR) from June 15. Earlier RLLR was 6.65 percent, which has now been increased to 7.15 percent. The increased rates have come into effect from June 15.
FD interest rates also increased
SBI had changed the interest rates on fixed deposits of less than Rs 2 crore and maturing in 211 days to 3 years on June 14 itself. The bank increased the interest rates on fixed deposits from 211 days to less than one year by 20 basis points from 4.40 per cent to 4.60 per cent. Earlier, on FDs ranging from one year to less than two years, where the bank was paying interest at the rate of 5.10 per cent per annum to the customers, now it will get 5.30 per cent interest. The bank is now paying 5.35 percent interest on fixed deposits maturing in two to three years.
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