SBI Bank Home Loan Interest Rate
SBI Bank Home Loan Rates are benchmarked to 1 Year MCLR which is currently 7.95%. SBI Bank home loan interest rates that are offered to a customer are a function of its internal cost of raising new funds and the occupation, income levels, type of property and repayment capacity of its borrowers.

SBI Home Loan Interest Rate Cut
After the recent home loan rate change, new SBI home loan rate is in the range of 8.30% to 8.50% as announced after a change in 1 Year MCLR rates as announce on 01st Feb 18. Any change in SBI benchmark 1 Year MCLR rate will translate into a similar change in the bank’s home loan rate. For instance, if SBI 1 Year MCLR rate is cut by 0.15%, its current home loan rate will cut from 8.30% to 8.15%

SBI home loan interest depends upon:
Loan amount: Housing loan rate in SBI depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
Type of loan opted for: SBI also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.
Existing bank customers: SBI offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

SBI Home Loan Charges
Processing Fee - charges Nil processing fees to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
Technical and Legal Charges - SBI also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on SBI rules.
Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to SBI. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with SBI at Nil charges.

Author's Bio: 

Abhavya is 2+ years experienced in writing for banking and finance related topics.
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