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SBI Home Loan Interest Rate Calculator - Apr 2017

Last Updated 21st Apr 2017

SBI Home Loan Interest Rates

Interest Rate 8.60% - 8.70%
Check Best Offers
Lowest EMI Rs. 776 per lakh
Max Tenure 30 years
Processing Fee Upto 0.35%
Prepayment, Foreclosure Charges Allowed with nil charges for floating rate loans
Age Min 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed
Apply Home Loan @ 8.35%*
Rs.
Rs.
+91

SBI Home Loan

SBI offers home loan to the people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan.

Home Loan SBI

Home loan interest rates offered by SBI depends upon MCLR.

  • Fixed rates allow you to borrow loan at a fixed price which won’t change in the whole tenure in case of change in MCLR rate and should be chosen only if you believe that the rates will not hike in future.
  • Floating rates changes with a single change in MCLR rate in your loan tenure. You should go for floating rates if you can take the risk of hike in interest rates.

SBI offers home loan based on 1 Year MCLR rates which is currently 8.00%.

SBI home loan interest rate depends upon

  • Loan amount: Home loan rate in SBI depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate
  • Company where you work: SBI has a list of companies to which they lend Home loan. Interest rate will be less if your company is listed
  • Your Salary: Income helps you in identifying your rate of interest. SBI interest rate varies with your monthly income. Higher the income, less will the rate of interest

Home Loan Charges

  • Foreclosure Charges - These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. SBI allows prepayment of home loan with Nil prepayment charges
  • Processing Fee - SBI asks for a processing fee of 0.35% of loan amount with applicable service tax

SBI Home Loan EMI Calculator

Home Loan EMI of SBI is a fixed amount that you pay each month towards the repayment of your home loan till the end of tenure

  • Home Loan EMI calculator of SBI helps you to calculate your monthly EMI at different rate of interest and also check lowest EMI per lakh on home loan.
  • You can plan your loan amount according to your monthly repayment capacity because higher the loan amount, higher will be the EMI
  • Rate of interest is an important factor which affects your EMI. Higher the interest rate, higher will be the EMI
  • Loan tenure matters equally as higher tenure reduces your EMI

What are the benefits of calculating SBI Home Loan EMI?

  • EMI calculator of SBI helps you to calculate your monthly EMI at different rate of interest
  • SBI Housing Loan EMI calculator helps you to know your capacity to repay the loan after maintaining your standard of living
  • You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

SBI Home Loan Eligibility Calculator

Home Loan eligibility criteria SBI

Eligibility of House loan in SBI relies upon different factors but the most important factor is your ability to repay the loan. The main factors on which the eligibility of an applicant depends are

  • Age: Age plays an important role to know your eligibility and repayment capacity. SBI offers Home loan to salaried at the age of 18 to 70 years and self employed individuals at 18 to 70 years
  • Income: In case of salaried person, SBI Loan eligibility significantly depends upon the income. Usually bank set minimum levels of income to apply for house loan. SBI asks for net monthly income of minimum Rs. 25,000. Salaried employee should be in government job or working with a reputed private company and getting regular salary in bank account with salary slip, form 16
  • Job stability and Profession: Job stability is important to improve your status and eligibility for Home loan from SBI. In case you are salaried, you must be in a full time job for at least 2 months. In case you are self-employed, you must be in current profession or business for at least 5 years and should preferably own either your office or your place of residence. Minimum turnover and minimum net income criteria may apply. Business must be registered with at least one government agency such as service tax, VAT, excise, shops and establishment registrar. Other than job stability, profession is also an important factor which can affect your SBI eligibility. If you are working with a reputed company, probability of getting home loan from SBI increases as the income is considered to be more stable
  • CIBIL Score: Your past CIBIL history and repayment record of existing loans and credit cards has direct impact on your Home loan eligibility. If you have a poor repayment record, then you may not get the loan but on the other side, a regular repayment record increases your Home loan eligibility
  • Loan Amount: SBI gives you Home loan depending upon your income. SBI gives you an amount ranging from Rs. 1,500,000 to Rs. 100,000,000. To improve chances of approval, apply for a loan amount that you can comfortably service
Popular Products

SBI offers you different type of loans.

SBI Maxgain

  • Under SBI Maxgain facility, SBI approves your loan as an overdraft and allows you to operate your home loan account as a saving account. So whenever you have extra fund with you, you can deposit the amount to the home loan account and the amount will be considered as temporary repayment to the principal outstanding. Hence, the bank will charge interest on the actual principal outstanding which is equal to the principal outstanding less extra fund parked. This extra money in the account can be withdrawn anytime
  • You can apply for a minimum loan amount of Rs. 20 Lakh under this scheme

SBI Yuva Home Loan

  • SBI Yuva Home Loan is available for all the young income group
  • This scheme offers 20% higher loan amount than the general home loan scheme

SBI Realty Home Loan

  • This type of loan is taken in case you want to purchase a plot for construction of house. The construction should be completed within 2 years from the date the loan is availed
  • You can even take another loan for the construction of house on the plot bought under SBI Realty loan
  • The maximum loan amount you can apply is Rs. 10 Crore with a loan tenure of 15 years

SBI Pal Home Loan

  • PAL is Pre Approved Loan. This type of loan is availed when you don't even have decided the property and your eligibility is calculated on the basis of your income. You can boldly negotiate with the builder or seller for the cost of the property
  • The bank gives you a Pre Approved Loan Agreement Letter which is valid for a period of 4 months. If you submit the property papers within this period then no processing fee will be charged again
  • You can apply for a minimum loan amount of Rs. 10 Lakh

SBI Tribal Plus

  • This type of loan is valid for tribal/hilly areas in India without any security. You can apply for this home loan for construction of house, renovation of home or buying a old home which is not more than 10 years old
  • You can get a maximum loan of Rs. 10 Lakh for a period of 15 years

SBI Gram Niwas Home Loan

  • SBI offers this scheme for semi urban or rural areas which have a maximum population of 50000 according to 2001 census
  • Can apply for a maximum loan of Rs. 5 Lakh for a period of 15 years

Sahyog Niwas Home Loan

  • Sahyog Niwas home loan is provided to the members of self help group in rural areas who have a good payment record of 2 years
  • Applicant can get 10 times of the saving amount of SHG to a maximum amount of Rs. 50,000 per member

SBI Flexipay Home Loan

  • This loan is availed in case you don't want to pay extra loan during the pre EMI period. You can opt for paying only interest till the full loan is disbursed. You can select this period on your own up to 36-60 months
  • Under this scheme, you can apply for a home loan of more than Rs. 20 lakhs and salaried applicants should be 2 years experienced with an age of 21-45 years. This loan offers higher eligibility and longer repayment period of 25-30 years with nil prepayment penalties

NRI Home Loan

  • Under this scheme, SBI offers loan to Non Resident Indians (NRIs) or Person of Indian Origin (PIOs). The applicant should be atleast 2 years experienced with regular income source. The minimum amount you can apply for is Rs. 3 Lakh

SBI Floating Rate Home Loans

SBI Home Loan Floating
Upto Rs. 2,000,000 - 8.65%
Rs. 2,000,001 - 7,500,000 - 8.65%
Rs. 7,500,001 - 10,000,000 - 8.70%
Above Rs. 10,000,000 - 8.70% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 2,000,000 - 8.60%
Above Rs. 2,000,001 - 7,500,000 - 8.60%
Above Rs. 7,500,001 - 10,000,000 - 8.65%
Above Rs. 10,000,000 - 8.65% linked to 1 Year MCLR
with SBI Maxgain Facility
Upto Rs. 2,000,000 - 8.75%
Above Rs. 2,000,001 - 7,500,000 - 8.75%
Above Rs. 7,500,001 - 10,000,000 - 8.95%
Above Rs. 10,000,000 - 8.95% linked to 1 Year MCLR
SBI Home Loan Balance Transfer
Upto Rs. 2,000,000 - 8.65%
Rs. 2,000,001 - 7,500,000 - 8.65%
Rs. 7,500,001 - 10,000,000 - 8.70%
Above Rs. 10,000,000 - 8.70% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 2,000,000 - 8.60%
Above Rs. 2,000,001 - 7,500,000 - 8.60%
Above Rs. 7,500,001 - 10,000,000 - 8.65%
Above Rs. 10,000,000 - 8.65% linked to 1 Year MCLR
SBI Flexipay Home Loan
Upto Rs. 2,000,000 - 8.65%
Rs. 2,000,001 - 7,500,000 - 8.65%
Rs. 7,500,001 - 10,000,000 - 8.70%
Above Rs. 10,000,000 - 8.70% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 2,000,000 - 8.60%
Above Rs. 2,000,001 - 7,500,000 - 8.60%
Above Rs. 7,500,001 - 10,000,000 - 8.65%
Above Rs. 10,000,000 - 8.65% linked to 1 Year MCLR
SBI Realty
Upto Rs. 2,000,000 - 8.65%
Rs. 2,000,001 - 7,500,000 - 8.65%
Rs. 7,500,001 - 10,000,000 - 8.70%
Above Rs. 10,000,000 - 8.70% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 2,000,000 - 8.60%
Above Rs. 2,000,001 - 7,500,000 - 8.60%
Above Rs. 7,500,001 - 10,000,000 - 8.65%
Above Rs. 10,000,000 - 8.65% linked to 1 Year MCLR
SBI Pal
Upto Rs. 2,000,000 - 8.65%
Rs. 2,000,001 - 7,500,000 - 8.65%
Rs. 7,500,001 - 10,000,000 - 8.70%
Above Rs. 10,000,000 - 8.70% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 2,000,000 - 8.60%
Above Rs. 2,000,001 - 7,500,000 - 8.60%
Above Rs. 7,500,001 - 10,000,000 - 8.65%
Above Rs. 10,000,000 - 8.65% linked to 1 Year MCLR
SBI Tribal Plus
Upto Rs. 200,000 - 8.65%
Rs. 200,001 - 500,000 - 8.65%
Rs. 500,001 - 750,000 - 8.65%
Above Rs. 750,000 - 8.65% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 200,000 - 8.60%
Above Rs. 200,001 - 500,000 - 8.60%
Above Rs. 500,001 - 750,000 - 8.60%
Above Rs. 750,000 - 8.60% linked to 1 Year MCLR
SBI Gram Niwas
Upto Rs. 100,000 - 8.65%
Rs. 100,001 - 200,000 - 8.65%
Rs. 200,001 - 350,000 - 8.65%
Above Rs. 350,000 - 8.65% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 100,000 - 8.60%
Above Rs. 100,001 - 200,000 - 8.60%
Above Rs. 200,001 - 350,000 - 8.60%
Above Rs. 350,000 - 8.60% linked to 1 Year MCLR
SBI Sahyog Niwas
Upto Rs. 10,000 - 8.65%
Rs. 10,001 - 20,000 - 8.65%
Rs. 20,001 - 35,000 - 8.65%
Above Rs. 35,000 - 8.65% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 10,000 - 8.60%
Above Rs. 10,001 - 20,000 - 8.60%
Above Rs. 20,001 - 35,000 - 8.60%
Above Rs. 35,000 - 8.60% linked to 1 Year MCLR

SBI Fixed Rate Home Loans

SBI Home Loan Fixed
Upto Rs. 1,000,000 - 8.55%
Rs. 1,000,001 - 1,500,000 - 8.55%
Rs. 1,500,001 - 2,000,000 - 8.55%
Above Rs. 2,000,000 - 8.55% linked to 1 Year MCLR
special offer for female borrower
Upto Rs. 1,000,000 - 8.50%
Above Rs. 1,000,001 - 1,500,000 - 8.50%
Above Rs. 1,500,001 - 2,000,000 - 8.50%
Above Rs. 2,000,000 - 8.50% linked to 1 Year MCLR

SBI Home Loan Top up, Transfer

Transfer of Home Loan from another bank to SBI?

SBI offers home loan balance transfer from another bank. This is subject to your meeting other eligibility criteria of SBI
You can avail additional top-up home loan from SBI, subject to your eligibility

Housing Loan SBI documents required

Home Loan for Salaried employee SBI documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit

Home Loan for Self-Employed SBI documents required

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • ITR of last 3 years
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile

Frequently Asked Questions

Why to take home loan from SBI?

SBI offers home loan at lower rate of interest i.e. at 8.60% with the lowest EMI of Rs. 776 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your home loan to SBI.

What is the maximum loan tenure I can opt under SBI house loan?

SBI offers you a longer tenure of 30 years to repay your home loan with a benefit of paying less EMI per month.

Do I get tax benefit on home loan from SBI?

As per Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on principal amount and interest components of a home loan under the section 24 and section 80C of Income Tax Act.

Can I foreclosure my home loan? What are the charges applicable?

Yes, you can foreclose your home loan with Nil charges.

Can I transfer my home loan from another bank to SBI?

Yes, SBI gives you the facility to transfer your existing home loan with a hassle free process. Home loan balance transfer to SBI offers you to pay lower EMIs and save money.

Can I club the income of my spouse with mine and apply for joint home loan?

You can club the income of your spouse to increase your loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for home loan in SBI?

The benchmark applicable for home loan in SBI is 1 Year MCLR.

What is the effect of part payments on SBI housing loan EMI ?

Part payments help you in reducing the outstanding amount of loan which in turn will reduce the interest amount due. After making part payments, paying the same EMI will increase your involvement towards the principal amount which will help you in repaying the loan faster.

How to increase my eligibility on SBI housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get loan.

How will interest rate on SBI housing loan change in future?
  • Floating interest rate on SBI housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.00%. So, when SBI offers a home loan at 8.60%, it applies a premium of 0.6% to its MCLR Rate to arrive at this home loan interest rate.
  • When RBI increases interest rates, the bank may increase its MCLR rate and the applicable interest rate for all existing and new home loans would increase. When RBI cuts interest rates and the bank reduces the MCLR rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.
What are the processing fees charged by SBI?
Loan Amount Processing Fee
Up to Rs. 25 Lacs 0.35% of loan amount i.e. Minimum Rs. 2,000
Above Rs. 25 Lacs to Rs. 75 Lacs Rs. 6,500
Above Rs. 75 Lacs Rs. 10,000
How much margin would I have to pay on home loan?
S. NO. Loan Amount Margin
1 Up to Rs. 30 Lacs 10%
2 Above Rs. 30 Lacs to upto Rs. 75 Lacs 20%
3 Above Rs. 75 Lacs 25%
What security do I need to provide?

SBI requires registered mortgage of the property against which the bank will provide you loan. In case of under construction property, additional collateral security is required.

Am I eligible for top up on my existing home loan?

SBI allows you to top up your existing home loan up to maximum LTV of 75%.

SBI Home Loan in India

SBI Home Loan Interest Rate Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 979-350-2211
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad 973-001-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhiwadi 973-001-2211
Bhopal 989-328-2211
Bhubaneswar Cuttack 977-745-2211
Bikaner 979-933-2211
Chandigarh 977-916-2211
Chennai 979-094-2211
Cochin 999-539-2211
Coimbatore 979-191-2211
Dehradun 976-020-2211
Delhi 995-880-2211
Durg 989-328-2211
Faridabad 995-880-2211
Gandhinagar 972-434-2211
Ghaziabad 995-880-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Hyderabad 995-919-2211
Indore 989-328-2211
Jabalpur 989-328-2211
Jaipur 979-933-2211
Jalandhar 977-916-2211
Jodhpur 979-933-2211
Kanpur 979-350-2211
Karnal 999-637-2211
Kolhapur 973-001-2211
Kolkata 974-842-2211
Kota 979-933-2211
Kozhikode 999-539-2211
Lucknow 979-350-2211
Ludhiana 977-916-2211
Madurai 979-191-2211
Meerut 976-020-2211
Mehsana 972-434-2211
Mohali Sas Nagar 977-916-2211
Mumbai 998-755-2211
Mussoorie 976-020-2211
Nagpur 973-001-2211
Nashik 973-001-2211
Noida 995-880-2211
Noida Extn 995-880-2211
Panipat 999-637-2211
Patna 995-595-2211
Pondicherry 979-191-2211
Pune 973-001-2211
Raipur 989-328-2211
Rajkot 972-434-2211
Ranchi 995-595-2211
Rohtak 999-637-2211
Roorkee 976-020-2211
Salem 979-191-2211
Shimla 980-509-2211
Sonepat 999-637-2211
Surat 972-434-2211
Trichy 979-191-2211
Udaipur 979-933-2211
Vadodara 972-434-2211
Varanasi 979-350-2211
Vijaywada 995-919-2211
Vizag 995-919-2211
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SBI Home Loan News - Apr 2017
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