How to Pay Missed SBI Home Loan EMI?

I am aware that home loan EMI payment is an amount that needs to be paid on time. However, I missed paying SBI home loan EMI once. Hence, I can share the process of how to pay missed EMI in SBI home loan. 

• The SBI Bank imposes additional fees. Individuals who miss EMI payments are subject to penalty fines from SBI. It is typically between 1% and 2% of the outstanding EMI, though the amount charged may vary. 

• To be eligible to apply for a loan with SBI, borrowers must have a credit score of 750 or higher. The borrower's credit score can decrease by 50 to 70 points for each EMI payment that is missed.

• It would be challenging to get a house loan balance transfer if you missed two or three EMI payments in a row. As a result, you won't be able to refinance your loan at a lower interest rate. 

How to pay missed SBI home loan EMI?

Borrowers of SBI loans can pay off any overdue EMI payments online. They can use NEFT to transfer money from a savings account to the credit of a loan account. It is because the accounts are with SBI, and this transfer takes place immediately.

I hope this suffices your query about how to pay missed EMI in the SBI home loan. The most crucial factor to keep in mind is making timely EMI payments on loans to maintain credit standing.

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