SBI’s repo rate-linked home loan decoded
To be eligible to take a repo rate-linked home loan, you need to have a minimum annual income of ₹6 lakh
The total loan tenor cannot exceed 35 years. The bank will charge a premium of 20 bps above applicable interest rate if the loan-to-value is greater than 80%
Mumbai: State Bank of India (SBI), the country’s largest lender, has launched repo rate-linked home loan product effective 1 July. So far, all new floating rate home loans were linked to marginal cost of fund based lending rate (MCLR) since August 2016.