Home loan less than 8.5% possible?

[Desu Sarath]

They will give less than 8.5% but with in 5 to 6 months , they will increase.

In 2023, I got SBI home loan for 8.3% but with in 6 months they increased and now it stands at 8.85%

 

[shu_sha]

If your cibil score is more than 800 sbi will give you 0.5% discount in the interest rates and same is the case if you have female co applicant in your loan

 

[KGSIPO]

Hope you have opted for MaxGain

What is Maxgain

 

[2024]

Is it mandatory to take insurance with sbi home loan, or any better alternative

 

[2024]

Sbi checks which agency score? Coz cibil always shows less then other agencies

 

[naviworks]

Is it mandatory to take insurance with sbi home loan, or any better alternative

It’s safe but not mandatory. The branch manager will push for it though.

 

[Desu Sarath]

Is it mandatory to take insurance with sbi home loan, or any better alternative

It totally depends on branch and loan amount

 

[helloworld]

Just curious, its only for 3 months right? after that it may increase or decrease.

 

[jhanishdev]

Home loan interest rates are linked to repo rate. Repo rate is fixed every 3 months and affects home loan interest rates accordingly.

One can opt for fixed interest rate but they will also miss out when rates go down.

 

[2024]

Home loan interest rates are linked to repo rate. Repo rate is fixed every 3 months and affects home loan interest rates accordingly.

One can opt for fixed interest rate but they will also miss out when rates go down.

Whenever interest rate go down, it will update accordingly on our home loan or we have to request to match current rate of interest coz whenever rate go up banks increase automatically

 

[Zacobite]

Whenever interest rate go down, it will update accordingly on our home loan or we have to request to match current rate of interest coz whenever rate go up banks increase automatically

yes.
3 types of rates

1) Internal lending rate - at discretion of the bank / nbfc - varies as per their decision ( generally lowest when they are selling you the loan then doesn't decrease as fast as it should)
2) EBLR - External Benchmark Lending rate which will move as per an external benchmark rate eg. with repo rate etx.. Check on which external benchmark is being used.. and reset frequency ( generally quarterly) .. This can be contested and enforced as it will in your agreement
3) Fixed Rate - Will be fixed and won't change for atleast 3 yrs.. then depending on bank it may chg basis what you agree linked to one of the above 1/2.

 

[RCB]

Last month I have gone with Bank of Maharashtra at 8.35%. It requires a cibil of 800+..