State Bank of India Home Loan: SBI (SBI-State Bank of India) announced a special offer till 31 March. Under this, the home loan interest rate was fixed at 6.7 percent. At the same time, there are reports of their rise in many media reports. Let us know the whole matter
The country’s largest bank SBI has changed the interest rates of home loans from April 1, now these rates start from 6.95 percent. Whereas, the bank was offering home loans till March 31 at 6.70 per cent interest rates. If easy customers with good credit score and income can get a home loan at this rate.
Now what will happen- Experts say that after SBI, other banks can also decide to increase interest rates. According to the SBI website, the home loan is available at 0.40 per cent above the external benchmark linked rate (EBLR). The bank’s EBLR is currently 6.65 per cent. It is linked to the repo rate of the RBI. This means that home loan is available at 7%. However, loan applications in which women are co-applicants will get 0.05% discount. In this way the rate of interest becomes 6.95 percent.
The CIBIL score has a big role in deciding whether or not the bank will approve your loan. The CIBIL score is 3 digits. It tells about the credit history of the customer. This can be called a mirror of a person’s credit profile. How a person has repaid his debt or how his attitude has been in repairing all kinds of bills, these points create a credit score.
Cibil scores range from 300 to 900. The closer the Cibil score is to 900, the greater the likelihood of a customer getting a loan or credit card. CIBIL is one of the four credit rating agencies in the country.
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Apart from the website of CIBIL, you can also check the credit score on the website of banking services aggregators. There is a free facility to check your credit score on CIBIL’s website. You can check this by taking a subscription plan. With the free subscription you can check your existing CIBIL report once a year. Cibil also offers paid plans. In this, you get many additional features which depends on the plan chosen.
People often keep increasing the credit limit of their card to meet their rising expenses. If you do not spend more on credit card payment on time, then it will spoil your credit score. If you have taken a loan, repay it within the time limit. If you make a settlement instead of repaying the loan, it will result in a very negative score on your credit score.
According to the expert’s advice, keep checking your credit health report every month, because of the small mistake your credit score may suffer at times. Have been checking all your accounts and loan accounts from time to time. Keep in mind that no payment or installment has been missed inadvertently.
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