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SBI Home Loan Interest Rates 2022

SBI Housing Loan Interest Rate -Today

Last Updated 17th Jan 2022

  • Current SBI Home Loan interest rates Jan 2022 starts at 6.65% p.a. for a maximum tenure of 30 years.
  • The processing fee on SBI housing loans is NIL. Check Best Offers.
  • SBI offers a special discount of 0.05% on interest rates for women borrowers.
Loan AmountSBI Repo Rate Home Loan RateRate for Female BorrowerSBI Maxgain
Upto ₹ 40 Lakh6.70%6.65%7.00%
₹ 40 Lakh - ₹ 50 Lakh6.95%6.90%7.25%
₹ 50 Lakh - ₹ 7.50 Lakh7.05%7.00%7.25%
Above ₹ 7.50 Lakh7.05%7.00%7.35%
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SBI Home Loan Rate

SBI offers home loans to both salaried individuals and self-employed at a minimum rate starting at 6.65% up to 7.05%. Apart from the interest rate, the bank also has various other charges such as SBI processing fee - that is charged over and above the loan amount, is non-refundable and has to be paid at the time of loan application and foreclosure and prepayment fee for closing or prepaying the loan before the loan tenure ends.

SBI Home Loan Processing Fee and Other Charges

SBI home loan processing charges are Nil. The bank is one of the very few banks which gives a zero processing fees home loan, making it a preferred choice for home loan customer. on home loan which is typically non-refundable and has to be paid at the time of loan application. In addition to processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Processing Fees NIL
Part Prepayment Charges Allowed
Foreclosure Charges Nil for floating rate home loans

Interest rates on SBI Home Loans Schemes

SBI offers a housing loan interest rate at 6.65%. If you want to avail of the home loan at the lowest rates, you should have a good CIBIL score, debt-income ratio and repayment capacity. In addition, SBI home loan interest rates are lower for existing customers of the bank and individuals who are working with reputed corporations with a stable employment history.

Below-mentioned are SBI home loan rates for multiple housing schemes.

SBI Home Loan Scheme Interest Rates
SBI Repo Rate Home Loan6.65% - 7.05%
SBI Home Loan Balance Transfer6.70% - 7.05%
SBI Pal6.70% - 6.90%
SBI Shaurya Home Loan7.35% - 7.85%
SBI Privilege Home Loan7.35% - 7.85%
SBI Tribal Plus7.45% - 7.95%
SBI Realty7.65% - 8.00%
SBI Top Up Loan7.90% - 10.05%
SBI NRI Home Loan8.15% - 8.65%
SBI Flexipay Home Loan8.15% - 8.65%
SBI Reverse Mortgage Home Loan9.05%
SBI Bridge Loan9.50% - 10.50%
SBI Earnest Money Deposit Scheme10.45%

SBI Home Loan Interest Rate for Salaried and Self-Employed

The home loan interest rates in SBI for salaried and self-employed is mentioned in the table below:

Home Loan Interest Rate for Salaried

Loan Amount Rate
Upto ₹ 40 Lakh 6.70%
₹ 40 Lakh - ₹ 50 Lakh 6.95%
₹ 50 Lakh - 7.50 Lakh 7.05%
Above ₹ 7.50 Lakh 7.05%

Home Loan Interest Rate for Self-Employed

Loan Amount Rate
Upto ₹ 30 Lakh 6.70%
₹ 30 Lakh - ₹ 75 Lakh 6.95%
₹ 75 Lakh - 1 Cr 7.05%
Above ₹ 1 Cr 7.05%

SBI Bank Home Loan Interest Rate For Women & Govt Employee

Loan Amount SBI Home Loan Rate For Women SBI Home Loan Rate For Govt Employee
Upto ₹ 40 Lakh 6.65% 6.70%
₹ 40 Lakh - ₹ 50 Lakh 6.90% 6.95%
₹ 50 Lakh - 7.50 Lakh 7.00% 7.05%
Above ₹ 7.50 Lakh 7.05% 7.05%

SBI Home Loan Balance Transfer Interest Rates

SBI home loan balance transfer facility is ideal for existing home loan customers, who are paying high interest to their existing lender. Through this facility, you can transfer your existing home loan to SBI at a lower rate of interest, without closing the account. However, you do need to check the foreclosure charges that you have to pay to your existing lender if it is a fixed rate loan. Currently, SBI offers the loan balance transfer rate of 6.50%.

Illustration on Home Loan Interest Rate SBI
Maximum Annual Percentage Rate (APR) 6.65% to 7.05%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 5 Years to 30 Years
  • SBI Home Loan Interest Rate: 6.65% to 7.05%
  • Processing Fee payable to: NIL
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 642 for 30 Years ₹ 1,00,000 loan at 6.65% (lowest rate, longest time period) to ₹ 1,982 for 5 Years ₹ 1,00,000 loan at 7.05% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 6.65% to 7.05%
  • Total cost payable over loan tenure: ₹ 1,17,819 for 5 Years loan to ₹ 2,31,106 for 30 Years loan

FAQs

Has SBI reduced home loan rates?

As per the current rates, SBI has cut its home loan rates by 0.05% from 6.70% to 6.65%, which is one of the best rates in the market. The new rates are effective from 14 Jun, 2021.

Why should I opt for balance transfer to SBI?

SBI offers lowest Home Loan EMI of ₹ 642 per lakh availed at the lowest interest rate 6.65% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 642 per lakh, you should consider the option for a loan transfer to SBI from your existing bank. Current SBI balance transfer rate is 6.50%.

Which is better for Home Loan HDFC or SBI?

The lowest SBI Home Loan rate is 6.65%, while that of HDFC is 6.70%, which makes SBI Home Loan a better choice as per current rates. However, apart from interest rates, one must take into account other factors like charges, service and turnaround time as well to decide the best choice of bank. If you are looking for a quick loan with convenient service, HDFC will score better. If you are looking for a loan from a government bank, then SBI is a better option.

Can SBI housing loan interest rate be negotiated?

Yes, if you have a good relationship with the bank and a high credit score, you can negotiate with SBI to lower the home loan rates. Apart from the home loan rates, you can also negotiate over the processing fee.

Can SBI revise the home loan interest rates for their existing customers?

Yes, SBI offers concessional rates to the existing customers, and you can negotiate with the bank to offer you the revised home loans at a floating rate of interest. The floating interest rates on home loans vary as per the change in market trends or in external benchmark rates such as the repo rate.

Does SBI offer a concessional home loan interest rate for women?

Yes, SBI offers special home loan interest rates for women. As against SBI home loan rates for male which is 6.70%, the home loan interest rate for women starts at 6.65%.

What is the SBI home loan rate of ₹ 25 Lakh for 15 years?

For home loan upto ₹ 25 Lakh, SBI provides home loan interest rate starting at 6.65%. However, you can get the lowest rates if you have a good relationship with the bank, work with top corporations, have a good CIBIL score and have stable income sources.

At what interest rate does an SBI employee get a home loan?

SBI offers concessional home loan rates of about 1% than the current home loan rates to SBI employees.

Is SBI home loan a floating rate loan or fixed-rate loan?

SBI home loan is offered at both fixed and floating rates. In the case of the fixed-rate, the interest remains the same throughout the tenure. On the other hand, the home loan rates vary as per the market fluctuations for floating home loan rates.

What is the SBI home loan rate today ?

SBI home loan rate today is in the range of 6.65% to 7.05%.The bank does not charge any processing fees on the home loan amount.

How much interest does SBI take on home loans?

The rate of interest on SBI home loans varies based on your eligibility, such as CIBIL score, age, repayment capacity, income etc. However, SBI home loan current interest rate 2021 are in the range of 6.65% to 7.05%.


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SBI Home Loan News - Jan 2022
  • 2021-09-17 : SBI Bring Down Home Loan Interest Rate
    State Bank of India (SBI) has slashed home loan interest rate by 45 bps (basis points). A customer whose cibil score is above 800 can get a home loan at a lowest rate of 6.70% and whose score is in between 750-800 will get a loan at a rate of 6.80%.
  • 2021-08-13 : SBI offers ZERO processing fees on home loans
    State Bank of India (SBI) is offering zero processing fees on home loans. This is an Independence day offer by the bank as they want to help its customers achieve freedom from rent.
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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