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SBI Home Loan Interest Rates 2020

SBI Housing Loan Interest Rate

Last Updated 11th Nov 2020

Current SBI Home loan interest rates for Nov 2020 starts at 6.95% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400. 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 ₹ 30 Lakh7.00%6.95%7.35%
₹ 30 Lakh - ₹ 75 Lakh7.25%7.20%7.60%
₹ 75 Lakh - ₹ 1 Cr7.35%7.30%7.70%
Above ₹ 1 Cr7.35%7.30%7.70%

Ex Gratia Payment Scheme for EMIs Paid during Moratorium

Interest rate linked to Repo Rate

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SBI Home Loan Interest Rates

SBI offers various products on home loan. SBI home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • SBI Home Loan Interest Rate starts from 6.95%.
  • SBI charges a processing fees of Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from SBI is ₹ 662 per lakh offered at the lowest interest rate of 6.95% at the longest loan tenure of 30 years.
  • SBI allows prepayment of home loans with Nil charges on floating rate loans.
  • SBI has an average customer rating of 4.2/5.0 from customers who have taken a home loan from the bank.

After EMI moratorium, State Bank of India has announced relief to its retail customers with an option to choose either a moratorium of upto 24 months or reschedule the instalments and extend the tenure by a period equivalent to the moratorium granted. ​​​The scheme will be available to borrowers who have availed a home loan before March 1, 2020, and was regular in repayments until the Covid-19 lockdown. Further, the borrowers will have to show that their income has been hit because of the COVID-19. In this case, the borrowers will not be termed as defaulters; however, the bank will charge 35 bps extra interest on the loan. SBI has launched an online portal for borrowers to evaluate their eligibility for this scheme.

SBI Home Loan Rate

Current SBI home loan interest rates are in the range of 6.95% to 7.35%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 6.95%. The table below gives the interest rates on various housing finance schemes of SBI.

SBI Home Loan Scheme Interest Rates
SBI Repo Rate Home Loan6.95% - 7.35%
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 Pal8.20% - 8.65%
SBI Reverse Mortgage Home Loan9.05%
SBI Bridge Loan9.50% - 10.50%

SBI rolls out festive offers for Home loan borrowers

State Bank of India announced a slew of festive offers. The Bank has completely waived off the processing fees on home loans for customers in approved projects. Bank has also announced to give concessions up to 10 basis points on the interest rate to the customers based on their credit score and home loan amount. Further, Home loan buyers can also avail 5 bps interest concession if they apply through its digital platform YONO.

SBI Home Loan Charges

SBI Home Loan Processing Fee

SBI home loan processing charges are upto 0.20% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The bank charges a minimum processing of ₹ 4,000 and has capped the maximum processing fees at ₹ 17,400. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to SBI housing loan 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.

SBI Home Loan Prepayment

SBI charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to SBI for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from SBI, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with SBI.

SBI Home Loan Documents

Documents for Salaried employees

  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • 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
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Home Loan SBI Schemes

SBI offers customized schemes for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

SBI Maxgain

  • SBI maxgain home loan is taken for construction or to buy a house with an overdraft facility. This facility allows an option to deposit available surplus for any period in the overdraft account and reduce overall interest on housing loan.
  • SBI maxgain loan is provided as an overdraft account which allows regular withdrawals and deposits. This loan is suitable for self-employed businessmen or professionals with an uneven flow of income throughout the year. The interest rate as per this facility is charged only on the withdrawn amount. Thereby, the interest cost is reduced for the borrowers. To add more to the convenience factor, SBI Maxgain home loan provides cheque and online banking facility. The Maxgain home loan facility is highly beneficial for home loan customers who wish to manage their savings while dealing with a loan. To calculate the interest rate on SBI Maxgain home loan, one can use SBI maxgain home loan calculators.
Key Loan Terms
  • Home loan available at the age of 18 years to up to 70 years.
  • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 100 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 35 years

SBI Realty Home Loan

  • This loan is taken to purchase a plot or land to construct a home on the same.
  • SBI Realty home loan allows home loans customers to purchase a plot for the construction of a house. However, the construction of the house on this plot must be completed within five years from the date of loan sanction. In addition, Existing SBI home loan customers can also avail another home loan for construction of the house on the plot financed as per the SBI plot loan scheme. In such a case, outstanding in realty account will be first liquidated through disbursement from a home loan, and the remaining amount will be disbursed for construction of house in phases linked to the stages of construction.
Key Loan Terms
  • Home loan available at the age of 18 years to up to 65 years
  • Loan amount that you can borrow ranges from ₹ 10 Lakh to ₹ 15 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 10 years

SBI Flexipay Home Loan

  • This scheme provides a higher loan amount eligibility of up to 20 percent for salaried borrowers and working professionals/ executives.
    Key Loan Terms
    • Home loan available at the age of 21 to 45 years
    • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 7 Cr
    • Option to apply for a maximum ltv of 90% of value of the property
    • Housing loan for a maximum period of 30 years

    SBI Privilege Home Loan

    • To provide loan to the employees of the Central or State government for purchase, construction, repair or modification of a house. Loan can be serviced post retirement period as well.
    • Extended repayment period upto an age of 75 years, however, tenure is capped at 35 years.
    • EMIs to be serviced post retirement term are capped at 50 percent of the current net monthly income.
    • Low interest rate without any processing fees or prepayment charges. SBI home loan interest rate 2019 for government employees is provided at a concession of 5 bps over the home loan card rates.
    Key Loan Terms
    • Home loan available at the age of 18 to 75 years
    • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 7 Cr
    • Option to apply for a maximum ltv of 90% of value of the property
    • Housing loan for a maximum period of 30 years

    SBI Home Loan Top Up

    • SBI Home Loan Top Up is available for existing home loan customers who are looking for more loans to meet their financial needs.
    • SBI home loan top-up loan allows the existing home loan customers to borrow additional loan amount above their existing home loan. The top-up over a home loan can be taken to meet urgent financial requirements. The bank charges an interest rate of 0.25 to 1.00 per cent higher than the current rates on a home loan. The interest rates charged on home loan top-up is much affordable in comparison to personal loans.
    Key Loan Terms
    • Home loan available at the age of 18 to up to 70 years
    • Loan amount that you can borrow ranges from ₹ 2 Lakh to ₹ 10 Cr
    • Option to apply for a maximum ltv of 80% of value of the property
    • Housing loan for a maximum period of 30 years

    SBI Repo Rate Linked Home Loan

    • This loan product is designed to make the home loan process affordable and transparent for the customers.
      Key Loan Terms
      • Home loan available at the age of 18 to up to 70 years
      • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 100 Cr
      • Option to apply for a maximum ltv of 90% of value of the property
      • Housing loan for a maximum period of 35 years

      SBI Pradhan Mantri Awas Yojana

      The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

      a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at SBI if you fulfil the eligibility criteria. Know more about PMAY Scheme

      b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

      c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

      d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

      e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

      f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

      Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

      Illustration on SBI Home Loan Interest Rate
      Maximum Annual Percentage Rate (APR)6.95% to 7.35%
      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 Lakh
      • Time period: 5 years to 30 years
      • SBI Home Loan Interest Rate: 6.95% to 7.35%
      • Processing Fee payable to SBI: Upto ₹ 10,000. Current offer for processing fee is Nil
      • Fee payable to MyLoanCare: NIL
      • Total Monthly Cost – From ₹ 662 for a 30 years ₹ 1 Lakh loan at 6.95% (lowest rate, longest time period) to ₹ 1,997 for a 5 years ₹ 1 Lakh loan at 7.35% (highest rate, shortest time period). This is inclusive of principal repayment.
      • Total cost payable over loan tenure: ₹ 29,800 for 5 years loan to ₹ 1.48 Lakh for 30 years loan

      SBI’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of SBI.

      FAQs

      What is SBI Home Loan interest rate?

      SBI Home Loan interest rate ranges between 6.95% to 7.35%.

      Why should I opt for balance transfer to SBI?

      SBI offers competitive Home Loan rates with the best EMI of ₹ 662 per lakh availed at a low-interest rate of 6.95% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 662 per lakh, you should consider the option for a loan transfer to SBI from your existing bank. EMIs can be calculated through SBI Home Loan EMI calculators.

      Which is better for Home Loan HDFC or SBI?

      Lowest HDFC Home Loan rate is 6.90%, while that of SBI is 6.95%, which makes HDFC Home Loan a better choice as per current rates. However, apart from interest rates, one must take into account other factors 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.

      Do I get tax benefits on a Home Loan from SBI?

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

      What is the effect of part prepayments on SBI housing finance EMI ?

      Part prepayments 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 Home Loan 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 a loan.

      • SBI offers RBI Repo Rate linked Home Loan which starts at 6.95%. Current Repo Rate of RBI is 4.00%. Bank adds a mark up on RBI’s repo rate which is called SBI Repo Rate Linked Lending Rate (RLLR). RLLR can change with change in Repo Rate. An additional spread is applied on RLLR which remains the same throughout the tenure. Bank applies a premium of 2.95% to the Repo Rate to arrive at this rate.
      • When RBI increases rates, the bank may increase its Repo Rate linked Home Loan rates by the same basis points for all existing and new Home Loans. When RBI cuts interest rates, the SBI Home Loan interest rates will reduce the interest rates by the same basis points, which will be effective from 1st day of the following month.
      • For instance, if RBI slashes Repo Rate by 0.15%, then SBI Repo Rate linked Home Loan rate will cut from 6.95% to 6.8%.

      How much margin would I have to pay on loan?

      S. NO. Loan Amount Margin
      1Up to ₹ 30 Lacs10%
      2Above ₹ 30 Lacs to upto ₹ 75 Lacs20%
      3Above ₹ 75 Lacs25%

      What security do I need to provide?

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

      Am I eligible for top up on my existing SBI home finance?

      SBI allows you to top up your existing Home Loan up to maximum LTV of 90%.

      What is the current SBI Home Loan rate?

      The current SBI Home Loan rate starts from 6.95% with a processing fee of Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400

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      SBI Home Loan News - Nov 2020
      • 2020-11-11 : SBI to focus on financial inclusion
        SBI is planning to increase the share of its newly created business vertical, financial inclusion and micro-markets from the current 12% to 20% by March 2022. The bank recently created a separate FI&MM vertical within the bank with an aim of financial inclusion of rural and semi-urban areas to improve customer experience in the hinterland.
      • 2020-11-05 : SBI net profit rises to ₹4,574 crores in Q2
        SBI September quarter net profit jumped 52% year-on-year to Rs 4,574.16 crore as the provisions declined during the quarter. Credit growth for the bank logged an improvement of 6.02% over the previous year driven by home, personal, car, two-wheeler and gold loan along with mudra and business loan. Total advances at the end of Q2 were at Rs 23.83 trillion. Further, total Deposits which includes fixed and recurring deposits grew at 14.4% on a yearly basis to Rs 34.70 trillion, out of which current account deposit grew by 8.55% YoY while saving bank deposits grew by 16.28 per cent YoY.
      • 2020-10-21 : SBI announced 25 bps concession on Home loan rates
        State Bank of India announced concession on home loan rates. With this, SBI customers would get an interest concession of 25 bps on a home loan of above Rs 75 lakh, based on their CIBIL score and if they are applying through YONO.
      • 2020-10-02 : SBI offered rescheduling on home loans
        State Bank of India has given some relief to home loan borrowers amid COVID-19 pandemic. Home loan borrowers can extend their moratorium period maximum by two years. This scheme is available to the borrowers who availed a loan before March 1, 2020.
      • 2020-09-28 : SBI announced special benefits for home loans burrowers
        SBI announced that there will be a complete waiver on processing fees on home loans for home-buyers in approved projects. Further, The bank is providing special concessions up to 10 bps on the interest rate for the customers based on their credit score and loan amount. Home-buyers can avail 5 bps interest concession if they apply for a home loan via YONO
      *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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