SBI Home Loan Interest Rate Calculator - Dec 2016

SBI Home Loan Interest Rates

Last Updated 05th Dec 2016
Interest Rate 9.10% - 9.30%
Check Special Offers
Lowest EMI Rs. 812 per lakh
Max Tenure 30 years
Processing Fee Upto 0.30%
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 Online
 Salaried   Self Employed - Professional   Self Employed - Business 





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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.
  • 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 8.90%.
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 0.30% 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 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
  • Estimated eligibility online by using Eligibility Calculator.
    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 - 9.15%
    Rs. 2,000,001 - 7,500,000 - 9.15%
    Rs. 7,500,001 - 10,000,000 - 9.30%
    Above Rs. 10,000,000 - 9.30% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 2,000,000 - 9.10%
    Above Rs. 2,000,001 - 7,500,000 - 9.10%
    Above Rs. 7,500,001 - 10,000,000 - 9.25%
    Above Rs. 10,000,000 - 9.25% linked to 1 Year MCLR
    with SBI Maxgain Facility
    Upto Rs. 2,000,000 - 9.25%
    Above Rs. 2,000,001 - 7,500,000 - 9.25%
    Above Rs. 7,500,001 - 10,000,000 - 9.60%
    Above Rs. 10,000,000 - 9.60% linked to 1 Year MCLR
    SBI Flexipay Home Loan
    Upto Rs. 2,000,000 - 9.15%
    Rs. 2,000,001 - 7,500,000 - 9.15%
    Rs. 7,500,001 - 10,000,000 - 9.30%
    Above Rs. 10,000,000 - 9.30% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 2,000,000 - 9.10%
    Above Rs. 2,000,001 - 7,500,000 - 9.10%
    Above Rs. 7,500,001 - 10,000,000 - 9.25%
    Above Rs. 10,000,000 - 9.25% linked to 1 Year MCLR
    SBI Realty
    Upto Rs. 2,000,000 - 9.15%
    Rs. 2,000,001 - 7,500,000 - 9.15%
    Rs. 7,500,001 - 10,000,000 - 9.30%
    Above Rs. 10,000,000 - 9.30% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 2,000,000 - 9.10%
    Above Rs. 2,000,001 - 7,500,000 - 9.10%
    Above Rs. 7,500,001 - 10,000,000 - 9.25%
    Above Rs. 10,000,000 - 9.25% linked to 1 Year MCLR
    SBI Pal
    Upto Rs. 2,000,000 - 9.15%
    Rs. 2,000,001 - 7,500,000 - 9.15%
    Rs. 7,500,001 - 10,000,000 - 9.30%
    Above Rs. 10,000,000 - 9.30% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 2,000,000 - 9.10%
    Above Rs. 2,000,001 - 7,500,000 - 9.10%
    Above Rs. 7,500,001 - 10,000,000 - 9.25%
    Above Rs. 10,000,000 - 9.25% linked to 1 Year MCLR
    SBI Tribal Plus
    Upto Rs. 200,000 - 9.15%
    Rs. 200,001 - 500,000 - 9.15%
    Rs. 500,001 - 750,000 - 9.15%
    Above Rs. 750,000 - 9.15% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 200,000 - 9.10%
    Above Rs. 200,001 - 500,000 - 9.10%
    Above Rs. 500,001 - 750,000 - 9.10%
    Above Rs. 750,000 - 9.10% linked to 1 Year MCLR
    SBI Gram Niwas
    Upto Rs. 100,000 - 9.15%
    Rs. 100,001 - 200,000 - 9.15%
    Rs. 200,001 - 350,000 - 9.15%
    Above Rs. 350,000 - 9.15% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 100,000 - 9.10%
    Above Rs. 100,001 - 200,000 - 9.10%
    Above Rs. 200,001 - 350,000 - 9.10%
    Above Rs. 350,000 - 9.10% linked to 1 Year MCLR
    SBI Sahyog Niwas
    Upto Rs. 10,000 - 9.15%
    Rs. 10,001 - 20,000 - 9.15%
    Rs. 20,001 - 35,000 - 9.15%
    Above Rs. 35,000 - 9.15% linked to 1 Year MCLR
    special offer for female borrower
    Upto Rs. 10,000 - 9.10%
    Above Rs. 10,001 - 20,000 - 9.10%
    Above Rs. 20,001 - 35,000 - 9.10%
    Above Rs. 35,000 - 9.10% 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 9.10% with the lowest EMI of Rs. 812 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 8.90%. So, when SBI offers a home loan at 9.10%, it applies a premium of 0.2% 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 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
SBI Home Loan Interest Rate News - Dec 2016
02nd Nov 16 SBI reduces its MCLR on Home Loans from 1st November, 2016
SBI has reduced its marginal cost of fund based lending rates (MCLR) by 0.15 percent to 8.90 percent for one year.The overnight and one-month MCLR are 8.65 and 8.75 percent respectively.As a festive cheer, the bank has cut the rates of home loans to the lowest in the last six years.The revised home loan rate is 9.10 percent for women and 9.15 percent for others.
14th Oct 16 SBI merger with its associate banks - the stage is set
The stage is set for the merger of State Bank of Hyderabad and four associate banks with SBI. There will no change in the interest rates on customer loans and the rates for new customers will be as per SBI rates. All the necessary instructions will be available in the SBI notice available on SBH website validating the existing cheques for the specified time period after the merger.
01st Oct 16 SBI announces Hope Loans new financing scheme to avail credit at lower rates
SBI launches Hope Loans with the benefit of reduced interest rates including home loans and auto laons. The revised rates in home Loans will be 9.25 per cent for women and 9.30 per cent for men and auto laons will be 9.65 per cent respectively with no processing fees as an additional benefit.
01st Aug 16 SBI offers cheaper home loans to tap into 7th pay panel bonanza
As the 7th Pay commission came in effect from 1st August 2016, it resulted in increase in real income of government employees by 23.5percent which in turn resulted in increased demand in economy. To capture the increase demand for housing sector, SBI came up with lower interest home loan products for Central/ State government/ public sector undertaking employees and defence personnel. The bank has introduced Privilege Home Loan for government employees and Shaurya Home Loan for Defence Personnel with pensionable service. The government employees will get the benefit of repaying the loan over a longer period and at softer interest rates. Under the scheme, bank will provide repayment facility on home loan up to the age of 75 years at interest rates that are lower by 5 bps compared to other home loan schemes of the bank. The bank has also announced full waiver of the processing fee under the scheme.
01st Aug 16 SBI reduces interest rates on Home loan by 0.05%
The largest public sector bank, State Bank of India(SBI), has reduced the Interest Rate on home loans by 5 bps or 0.05% . By this move, the interest rate on home loan for the general customer and SBI Flexipay customers will be reduced to 9.35% compared to 9.40% earlier. Whereas for women customers the new interest rate will be 9.30% compared to 9.35% earlier. These rates will be effective from 1st August and are linked MCLR . If you have taken home loan on or after 1st April 2016 at floating rate, then you will benefit by this move. But if have taken home loan at fixed rate you will not be effected by the rate cut.
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