What is the required salary to avail a home loan of rs 60 lakh from SBI
SBI Home Loan: The RBI has cut the repo rate by 1 percentage point this year, resulting in a 1 percentage point decrease in home loan rates. Today, we’ll explore the minimum salary required to obtain a home loan of ₹60 lakh from SBI and the monthly EMI you’ll need to pay.
After the RBI reduced the repo rate, the country’s largest public sector bank – State Bank of India (SBI) has also reduced home loan rates by 1 percent. State Bank of India is now offering home loans at starting rates of 7.50 percent. To avail a home loan of Rs 60 lakh for 30 years at an interest rate of 7.50 percent, your monthly salary should be Rs 84,000. However, for this you have to keep one important thing in mind that there is no other loan running in your name. If you avail a home loan of Rs 60 lakh for 30 years at an interest rate of 7.5 percent from SBI, you will have to pay an EMI of around Rs 42,000 every month.
To obtain a home loan from any bank, you must have a good credit score. Banks may reject your loan application if your credit score is low. A good credit score is crucial for any type of loan. In addition to your credit score, your past loan accounts are also examined.
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