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SBI Home Loan Interest Rate - Sep 2017

Last Updated 22nd Sep 2017

SBI Home Loan Interest Rates

Interest Rate 8.35% - 11.90%
Check Best Offers
Lowest EMI Rs. 758 per lakh
Max Tenure 30 years
Processing Fee Upto 0.35%
Minimum Rs. 1,000 Maximum Rs. 10,000
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.
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SBI Home Loan

SBI offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from SBI has the following benefits:

  • Nil prepayment charges for floating rate home loans
  • Person with 18 years age can also apply for home loan
  • Special low interest rate offer for women applicants

SBI Home Loan Interest Rates

In addition to its regular loan products, bank also offers customized loans for special categories of borrowers. Bank offers lower rates to ladies borrowers. Click on the details to get slabwise interest rates.

SBI Floating Rate Home Loans

SBI Home Loan Interest Rates
SBI Home Loan Floating 8.35% - 8.50%
Details+
SBI Flexipay Home Loan 8.35% - 8.50%
Details+
SBI Realty 8.35% - 8.50%
Details+
SBI Pal 8.35% - 8.50%
Details+
SBI Tribal Plus 8.35% - 8.40%
Details+
SBI Gram Niwas 8.35% - 8.40%
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SBI Sahyog Niwas 8.35% - 8.40%
Details+
SBI Home Loan Balance Transfer 8.35% - 8.50%
Details+
SBI Bridge Loan 10.45%
Details+
SBI NRI Home Loan 8.35% - 8.50%
Details+
SBI Privilege Home Loan 8.35% - 8.50%
Details+
SBI Shaurya Home Loan 8.35% - 8.50%
Details+
SBI Home Loan for Self Employed 8.35% - 8.50%
Details+
SBI Top Up Loan 8.40% - 9.10%
Details+
SBI Reverse Mortgage Home Loan 11.90%
Details+

SBI home loan interest rate depends upon

  • Loan amount: Housing loan rate in SBI depends upon the loan amount you apply for. Higher the loan amount, lesser will be the rate
  • Your Salary: Income helps you in identifying your rate of interest. Bank's rate varies with your monthly income. Higher the income, lesser will be the rate
  • Type of loan opted for: SBI also offers differential rates for women borrowers and also under their fixed and floating rate schemes. The rate of interest may be higher or lower under their special or popular loan product offers.

Interest Rate and its impact on SBI Home Loan Eligibility

SBI has detailed criteria to determine a potential borrower’s eligibility for housing loans. These eligibility criteria determine the loan amount you can avail. Interest rate offered by SBI also impacts the amount of loan you can avail from SBI.
Some of the key eligibility criteria are summarized in the table below:

SBI Home Loan Eligibility Criteria
Interest Rate 8.35% - 11.90%
Age 18 - 70 years
Minimum Income Rs. 25,000
Job Stability in case of Salaried (in years) 2 years
Minimum Credit Score 650 and above
Loan Amount Rs. 1,500,000 to Rs. 100,000,000
Loan to Value Ratio Upto 90%
FOIR (Fixed Obligations to Income Ratio) Up to 0.65

Home Loan Charges Applicable (Other than Interest)

In addition to interest rates, home loan also carry some other charges which include:

  • 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 house loan with Nil prepayment charges
  • Processing Fee - SBI charges a processing fee of 0.35% of loan amount Minimum Rs. 1,000 Maximum Rs. 10,000 with applicable tax
  • Other Charges - Bank also charges technical and legal charges which are explained to the customer during the loan process.

Home Loan Products and Rates

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

SBI Maxgain

Description:
  • Loan is provided as an overdraft account which allows regular withdrawals and deposits.
  • Interest is charged only on the withdrawn amount. This reduces the interest cost for the borrowers.
  • The overdraft account comes with a cheque and online banking facility.
  • Loans for construction or acquisition of residential house, residential plot etc.
Who is Eligible?
  • Individuals : salaried, professionals, self employed and businessmen.
  • Customers who expect to have surplus income can opt for the loan. The facility allows them to deposit available surplus for any period in the account and reduce their interest liability. Highly suitable for self employed, businessmen , professionals with uneven flow of income or fund through out the year.
Key Loan Terms
  • Home loan available at the age of 18 - 70 years
  • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 30 years

State Bank of India Realty Home Loan

Description:
  • Existing customers are also eligible to avail another home loan for construction of house on the plot financed under this scheme. Construction of house should be commenced within 5 years of taking the loan.
  • In such a case, outstanding in reality account will be first liquidated through disbursement from home loan and the remaining amount will be disbursed for construction of House in phases linked to the stages of construction.
  • Loan for purchase of plot or land to construct home on the same.
Who is Eligible?
  • Individuals : salaried, professionals, self employed and businessmen.
  • Customers willing to purchase a plot and to construct house on it.
Key Loan Terms
  • Home loan available at the age of 18 - 70 years
  • Loan amount that you can borrow ranges from Rs. 1,000,000 to Rs. 150,000,000
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 30 years

SBI Pal Home Loan

Description:
  • Loan amount is sanctioned on the basis of the income of the applicant even if the property is yet to be finalized.
  • 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.
  • Purpose of this scheme is to get loan approved before finalization of the property.
Who is Eligible?
  • Individuals : salaried, professionals, self employed and businessmen.
  • Customers who are willing to buy a house but still not decided the property to be purchased can take this loan.
Key Loan Terms
  • Home loan available at the age of 18 - 70 years
  • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 30 years

SBI Tribal Plus

Description:
  • Especially designed for people living in hilly/tribal areas for construction, renovation of home or buying a old home which is not more than 10 years old.
  • The loan is available without any mortgage of property.
    Who is Eligible?
    • Permanent employees of Central or State Government or Public Sector undertakings (PSU) or reputed private sector units and have put in a minimum of 5 years service as Class I or Gazetted Officers or 10 years for other grades.
    • Customers living in hill/ tribal areas of North East India and areas around Chandigarh, Bhopal, Lucknow, Patna and Bhubaneswar.
    Key Loan Terms
    • Home loan available at the age of 21 - 60 years
    • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
    • Option to apply for a maximum ltv of 90% of value of the property
    • Housing loan for a maximum period of 30 years

    SBI Flexipay Home Loan

    Description:
      • This scheme provides a higher loan amount eligibility of up to 20% for salaried borrowers and working professionals/ executives.
      Who is Eligible?
        • Salaried individuals who need higher loan amount than their current income and are employed in high growth jobs, where their income is expected to step up in the next few years.
        Key Loan Terms
        • Home loan available at the age of 21 - 45 years
        • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
        • Option to apply for a maximum ltv of 90% of value of the property
        • Housing loan for a maximum period of 30 years

        NRI Home Loan

        Description:
          • Loan for purchase of land, construction or modification of house by NRIs.
          Who is Eligible?
            • Customers working abroad who want to build or buy a home for their family in India.
            Key Loan Terms
            • Home loan available at the age of 18 - 70 years
            • Loan amount that you can borrow ranges from Rs. 300,000 to Rs. 100,000,000
            • Option to apply for a maximum ltv of 80% of value of the property
            • Housing loan for a maximum period of 30 years

            SBI Privilege Home Loan

            Description:
              • To provide loan to the employees of Central or State government for purchase, construction, repair or modification of house. Loan can be serviced during post retirement period as well.
              Who is Eligible?
                • Individuals who are employees of Central or State Government which includes PSBs, PSUs and who are looking for a loan tenure, in which loan servicing extends to their post retirement years.
                Key Loan Terms
                • Home loan available at the age of 18 - 75 years
                • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
                • Option to apply for a maximum ltv of 90% of value of the property
                • Housing loan for a maximum period of 30 years

                SBI Shaurya Home Loan

                Description:
                  • This scheme is to provide home loan to the real Heros of our Nation(Defense Personnel belonging to Army, Navy and Air force).
                  Who is Eligible?
                    • Defense Personnel who are looking to purchase, construct or renovate their house.
                    Key Loan Terms
                    • Home loan available at the age of 18 - 75 years
                    • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
                    • Option to apply for a maximum ltv of 90% of value of the property
                    • Housing loan for a maximum period of 30 years

                    SBI Bridge Loan

                    Description:
                      • This is a short term loan to meet the need of money for down payment to buy the new house till the time your current house gets sold.
                      Who is Eligible?
                        • This scheme is designed for existing home owners aspiring to upgrade their homes by mortgaging or selling their existing home and hence, are short on cash to make initial payments towards the new house.
                        Key Loan Terms
                        • Home loan available at the age of 18 - 70 years
                        • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
                        • Option to apply for a maximum ltv of 90% of value of the property
                        • Housing loan for a maximum period of 2 years

                        Home Loan for Self Employed

                        Description:
                          • Loans for construction or acquisition of residential house, residential plot, & balance transfer.
                          Who is Eligible?
                            • Professionals, Self Employed and businessmen looking for loans higher than they are eligible for as per the EMI/NMI ratio.
                            Key Loan Terms
                            • Home loan available at the age of 18 years
                            • Loan amount that you can borrow ranges from Rs. 50,000 to Rs. 500,000,000
                            • Option to apply for a maximum ltv of 65% of value of the property
                            • Housing loan for a maximum period of 30 years

                            SBI Top up Home Loan

                            Description:
                              • Loans for existing home loan customers who are looking for more loans to meet their financial needs.
                              Who is Eligible?
                                • Individuals who already have a home loan and are looking for additional loans can apply for the loan.
                                Key Loan Terms
                                • Home loan available at the age of 18 - 70 years
                                • Loan amount that you can borrow ranges from Rs. 200,000 to Rs. 50,000,000
                                • Option to apply for a maximum ltv of 80% of value of the property
                                • Housing loan for a maximum period of 30 years

                                SBI Reverse Mortgage Loan

                                Description:
                                  • Provides a loan for senior citizens of India who own a residential property in India. The loan proceeds can be utilized for supplementing income, house repairs, any medical and personal expenses, etc.
                                  Who is Eligible?
                                    • Senior Citizens of India who have the ownership of property can take this loan to meet their financial needs of any kind like renovation/repairs of house, medical & other personal uses.
                                    Key Loan Terms
                                    • Home loan available at the age of Min 60 years
                                    • Loan amount that you can borrow ranges from Rs. 1,500,000 to Rs. 100,000,000
                                    • Housing loan for a maximum period of 30 years

                                    SBI Home Loan Eligibility Calculator

                                    SBI Home Loan Eligibility is the amount of loan you can avail based on an assessment of your repayment capacity as well as the value of property. It is important to calculate eligibility for housing loan from SBI. You can use eligibility calculator to get a fairly accurate estimate of your potential eligibility subject to the information provided by you.

                                    SBI Home Loan EMI and Interest Calculator

                                    Further, you can also use the SBI Home Loan EMI Calculator online to calculate your house loan EMI. EMI is a fixed amount that you pay each month towards the repayment of yourloan till the end of tenure

                                    • EMI calculator of SBI helps you to calculate your monthly EMI at different rate of interest and also check and compare 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 rate, higher will be the EMI. You can also estimate the interest amount you pay over the tenure of the loan at various loan tenure as well as interest rates
                                    • Loan tenure matters equally as higher tenure reduces your EMI

                                    What are the benefits of calculating SBI Housing Loan EMI?

                                    • EMI calculator 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

                                    Housing Loan SBI documents required

                                    For Salaried employee

                                    • 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

                                    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

                                    Frequently Asked Questions

                                    Why to take home loan from SBI?

                                    SBI offers housing loan at 8.35% rate with the lowest EMI of Rs. 758 per lakh. If you are paying EMI more than this then you can opt for balance transfer and relocate your 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 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 loan with Nil charges.

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

                                    Yes, Bank gives you the facility to transfer your existing loan with a hassle free process. 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 housing loan?

                                    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 rate on SBI housing loan is linked to its 1 Year MCLR Rate, which is currently at 8.00%. When Bank offers a home loan at 8.35%, it applies a premium of 0.35% to its MCLR Rate to arrive at this home loan rate.
                                    • When RBI increases 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 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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