If you are preparing to take a home loan from SBI, then there is relief news for you. SBI has announced the resumption of its repo rate link home loan scheme (RLLR). All new and old home loan customers will benefit from this scheme. SBI will save up to 3 lakh rupees on the interest of customers taking home loans.
Good news for SBI account holders
Good news for SBI account holders. The bank withdrew the RLLR scheme a few days ago, which has been implemented again from October 1, 2019. This scheme will benefit both new and old customers. According to the notification released on the SBI website, the RLLR scheme has been re-implemented with some changes. According to the bank, from October 1, MSME, home and retail loans have been linked to the repo rate.
The decision was taken on the orders of RBI
SBI decided to implement the RLLR scheme once again, taking a decision on the instructions of RBI. The motive behind doing this by SBI is to promote consumption in the market. Following the RBI directive, banks have linked their loans with their repo rates.
Customers will get the benefit
This decision of the bank will benefit the customers. For example, if you take a home loan of 30 lakh rupees from SBI, which you have to repay in 20 years, then you will have to pay more than 31 lakh rupees. The loan interest of SBI is 8.20%. This has been possible due to the RLLR scheme. If you compare this loan with another bank, then you will understand the difference of interest. Suppose you have taken a loan of 30 lakhs from HDFC at 8.95% interest rate for 20 years, then you will have to repay interest over Rs 34 lakhs. In such a situation, you will get a benefit of 3 lakh on the loan received under this scheme of SBI. It is worth noting that RBI has given instructions to all banks, after which all loans have been linked with the repo rate from October 1, 2019.
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