By Admin 
SBI Home Loan Rate: After the Reserve Bank of India (RBI) cut the repo rate by 50 basis points, now the State Bank of India (SBI) has reduced the interest rate for home loans by 0.50 percent. The change in the lending rates of SBI will be effective from tomorrow i.e. June 15, 2025. With this, the interest rate on home loans will now be between 7.5-8.45 percent based on the customer’s credit score. Not only this, the bank has also reduced the interest rate by 25 basis points on the special deposit scheme (444 days).
EMI is cheap to customers relief
Let us know that SBI home loan external benchmark is connected to the lending rate (EBLR) and the EBLR is connected to the repo rate. In such a situation, SBI’s EBLR also affects the change in repo rate. EBLR decreases when the repo rate decreases and interest rates on home loans also become cheaper. At the same time, EBLR increases when the repo rate increases. This increases the interest on the home loan, which also increases the expenditure on EMI.
The current EBLR of State Bank of India is 8.15 %. In such a situation, the rate of interest depends on many factors like CIBIL score, loan tenure of customers. The RBI cut the repo rate by 50 basis points on 6 June 2025 and with this it decreased from 6.00 percent to 5.50 percent. The CIBIL score is between 300-900. The higher the CIBIL score, the possibility of getting a loan at the low rate will remain.
This decision of SBI will benefit those taking home loans because if the interest on the loan will be reduced, then EMI will also be reduced. This will increase their savings. EMI will also reduce the EMI now. However, now you have taken a loan at a fixed rate, then you will not get the benefit of low interest rate.
No changes made in MCLR
SBI has also talked about no changes in the Marginal Cost of Funds based Lending Rate (MCLR) during this period. This is the minimum interest rate, so that the bank cannot give loans to its customers below, so if you are connected to MCLR, then the rates will remain there. One year MCLR is 9.00 percent, 8.90 percent for six months, 8.55 percent for three months and 8.20 percent for a month.
Also read:
Spicejet released its result for Q4, the profit increased by 3 times in the March quarter; Keep an eye on the share