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SBB SAPPHIRE is happy to announce that most of the banks now are offering Home loans for the rate of interest less than 8%.

SBB SAPPHIREhas tied up with major bank lenders for loan facility and we proudly announce the collaboration for less rate of interest.

The State Bank of India is offering home loans at 7.95% interest rate (floating), effective from January 1, 2020. Previously, in 2003, the home loan interest rates were offered at 7.75%.

Many Financial Institutions have announced lower rate of interest and procedure to procure the low rate of interest for home loans.

SBI is the first bank in the country to link its loan lending rate with an external benchmark, which is Reserve Bank of India’s repo rate. The loan interest rates linked with the repo rate are called as Repo Linked Lending Rate (RLLR). SBI terms it as External Benchmark Rate (EBR).

One important thing to note is that these interest rates are not just based on EBR but there are other factors also. Some common factors affecting interest rates are gender, age of the borrower, employment status, loan amount, loan repayment tenure, and most importantly the risk profile of the borrower. Usually, banks charge a premium over loan interest rates to cover these risks. You can check the RBI Guidelines for the same.

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