Mumbai, July 4: The State Bank of India (SBI) today raised home loan rates by 50 basis points across all its floating rate tenors.

The new rate structure will be effective from June 27.

For home loans up to Rs 30 lakh for 20-25 years, the interest rate has been increased by half a percentage point to 11 per cent. As a result of the increase, equated monthly instalment (EMI) for 25 years will go up to Rs 980 from Rs 945 per lakh, while for 20 years, the instalment will rise by Rs 35 to Rs 1,035.

For loans up to Rs 30 lakh, the interest rate on loans with maturity between 10 years and 15 years has been increased to 10.75 per cent. The revised EMI per lakh will now stand at Rs 1,365 and Rs 1,125, respectively.

Similarly for five years, the new rate of interest is 10.5 per cent. EMI in this category will rise by Rs 25 to Rs 2,150 per lakh.

The SBI added that for housing loans above Rs 30 lakh, the same increase applies across all tenors.

Here, the interest rate on 20 year and 25 year loans has been revised to 11.25 per cent. In both these brackets, the revised EMI will stand at Rs 1,050 and Rs 1,000 per lakh per month, respectively.

Interest on loans up to five years will be 10.75 per cent and it will stand at 11 per cent for a 10-year loan.

The bank has left the interest rate on fixed home loans unchanged at 12.75 per cent.

SBI has the flexibility to invoke the force majeure clause and reset the fixed rate home loan at the end of two years.