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Harsh Roongta | Answer |Ask -Follow

Answered on Dec 24, 2019

Question by Siva on Dec 24, 2019Hindi

Money

SBI loan amount Rs 52 lakh in the year 08/2018; Tenure 30yrs; EMI 42k; ROI 2018- 8.65 per cent; 2019-8.80 per cent.

My queries: does SBI offer 8.30 per cent to new customers now?

Why are they not reducing my ROI?

Is switching MCLR to EBLR really worthy?

Are charges of 0.5 per cent for switching mandatory?

Ans: They are not reducing your ROI because the regulations allow them to get away and not reduce the ROI. It’s definitely worth paying the 0.59 per cent charges (including GST) to shift to the lower rate EBLR regime which is now even lower than 8.30 per cent mentioned by you.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I have availed Rs 23 lakh loan from SBI for 15 years; my EMI is 22350, however, I pay Rs 30,000 every month. Is it correct or should I change my EMI. Please guide me.

Ans: SBI charges interest on a daily reducing basis so that if you are paying a higher amount than the EMI then you will get credit for it accordingly. Your home loan would get over by 9 years if you pay EMI of 30K. This assumes that the details given by you are correct and that interest rate charged by SBI is 8.25 per cent which appears to be very low.

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Is it good to change an existing SBI home loan interest at the base rate of 9.25% to an MCLR interest rate of 8.80% with Rs. 7,500 conversion charges?

Ans: Switching from a 9.25% base rate to an 8.80% MCLR rate on your SBI home loan could reduce your interest costs, given a 0.45% rate reduction. This switch is generally worthwhile for a one-time ? 7,500 conversion fee if you have a longer loan tenure, as it leads to more interest savings over time. However, if your loan tenure is shorter, consider if the savings justify the fee. Evaluate potential future rate changes with SBI to ensure optimal benefits from the switch.
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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