SBI Home Loan Rate: After RBI reduced the repo rate, SBI has reduced the EBLR and home loan rates by 50 basis points and reduced the rates of the Special Deposit Scheme by 25 basis points.

SBI Home Loan Rate: After the Reserve Bank of India (RBI) reduced the repo rate by 50 basis points, now State Bank of India (SBI) has reduced the interest rate for home loans by 0.50 percent. The change in SBI's lending rates will be effective from tomorrow i.e. June 15, 2025. With this, the interest rate on a home loan will now be between 7.5 and 8.45 percent depending on the customer's credit score. Not only this, the bank has also reduced the interest rate on the Special Deposit Scheme (444 days) by 25 basis points.

Customers get relief due to cheaper EMI.

Let us tell you that SBI home loans are linked to the External Benchmark Lending Rate (EBLR) and EBLR is linked to the repo rate. In such a situation, changes in the repo rate also affect SBI's EBLR. When the repo rate decreases, the EBLR decreases and the interest rates on home loans also become cheaper. At the same time, EBLR increases when the repo rate increases. This increases the interest on home loans, which also increases the expenditure on EMI.

The current EBLR of State Bank of India is 8.15 percent. In such a situation, the rate of interest depends on many factors like CIBIL score of the customers, loan tenure. RBI cut the repo rate by 50 basis points on June 6, 2025 and with this it came down from 6.00 percent to 5.50 percent. CIBIL score ranges between 300-900. The higher your CIBIL score, the more likely you are to get a loan at a lower rate.

Home loan borrowers will benefit from this decision of SBI because if the interest on the loan is low, then the EMI will also be low. This will increase their savings. Customers who have taken a loan at a floating rate linked to the Repo Rate Linked Rate (RLLR) will also have their EMI reduced now. However, if you have taken a loan at a fixed rate now, then you will not get the benefit of the reduced interest rate.

No change made in MCLR

SBI has also talked about not making any change in the Marginal Cost of Funds Based Lending Rate (MCLR) during this period. This is the minimum interest rate below which the bank cannot give loans to its customers, so if your loan is linked to MCLR, then the rates will remain the same. The MCLR for one year is 9.00 percent, for six months it is 8.90 percent, for three months it is 8.55 percent and for one month it is 8.20 percent.