There is bad news for customers taking home loans from the country’s leading public sector bank SBI. The home loan of the bank (SBI Home Loan) has become expensive. In fact, the State Bank of India has announced an increase in interest rates. Under this, the bank has increased the MCLR (MCLR) by 0.10 percent for loans with a duration of one year.
Due to this increase, the interest rates of various types of loans including home, car and personal loans of the bank have increased. The new rates have come into effect from January 15.
However, customers still have a chance to avail home or other loans at a discount. Actually SBI is currently running its festive offer campaign. This campaign is applicable till January 31, in which the bank is offering various discounts on home loans.
According to SBI’s website, the one-year MCLR has increased to 8.4 per cent. It was earlier 8.30 per cent. But there is no change in the interest rates of the second period. SBI’s MCLR for 2-year and 3-year tenure is currently at 8.50 per cent and 8.60 per cent respectively.
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