fbimg

SBI Home Loan Interest Rate

Last Updated 10th Oct 2019

SBI Home Loan Rate Oct 2019

4th October 2019 – RBI cuts repo rate by 25 bps to 5.15%

SBI's home loan interest rate starts from 8.20%, which is one of the best home loan rates in India. Check Best Offers

SBI now offers home loan linked to RBI's Repo Rate. Any change in Repo Rate will impact housing loan rates by the same basis points.

Loan AmountSBI MCLR Linked Loan RateRate for Female BorrowerSBI MaxgainSBI Repo Rate Linked Loan Rate New Repo Rate
Upto ₹ 30 Lakh8.30%8.25%8.30%8.20%
₹ 30 Lakh - ₹ 75 Lakh8.55%8.50%8.60%8.45%
₹ 75 Lakh - ₹ 1 Cr8.65%8.60%8.75%8.55%
Above ₹ 1 Cr8.65%8.60%8.75%8.55%

Interest rate linked to Repo Rate

Apply for Home Loan @ 8.10%* Get upto ₹ 5,000* Cashback Check Offers
+91

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:

  • Interest rate linked to Repo Rate
  • Special rate for women borrowers
  • Nil PF for Central/State Govt employees
  • Loan up to 90% of property value
  • Nil prepayment charges for floating rate
SBI Home Loan Details
Interest Rate8.20% onwards
Compare with Other Banks
Processing Fee Upto 0.25%
Maximum ₹ 10,000
Max Tenure35 years
Lowest EMI₹ 725 per lakh
Prepayment ChargesAllowed with Nil charges for floating rate loans
Check Prepayment Rules
AgeMin 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed

Home Loan Interest Rates SBI

SBI home loan interest rates are in the range of 8.20% to 8.75%, with special discounted rates for specific category of borrowers such as ladies borrowers for whom the bank offers the lowest interest rate of 8.20%.

ProductsInterest Rates
SBI Repo Rate Linked Loan8.20% - 8.55%
SBI MCLR Linked Loan8.25% - 8.75%
SBI Flexipay Home Loan8.25% - 8.75%
SBI Pal8.25% - 8.75%
SBI Tribal Plus8.25% - 8.40%
SBI Gram Niwas8.25% - 8.40%
SBI Sahyog Niwas8.25% - 8.40%
SBI Home Loan Balance Transfer8.25% - 8.75%
SBI NRI Home Loan8.25% - 8.75%
SBI Privilege Home Loan8.25% - 8.85%
SBI Bridge Loan8.40% - 8.95%
SBI Shaurya Home Loan8.40% - 8.85%
SBI Home Loan for Self Employed8.40% - 8.85%
SBI Top Up Loan8.60% - 11.15%
SBI Realty8.85% - 9.15%
SBI Reverse Mortgage Home Loan10.15%

SBI Bank Home Loan Interest Rate

Latest SBI home loan rate starts from 8.20% , as applicable based on the Repo Rate, which is 5.15%, last announced on 04th Oct 19. Any change in Repo Rate will translate into a similar change in the bank’s home loan rate.

SBI also offers home loan rates benchmarked to 1 Year MCLR, which is currently 8.05%. Home Loan SBI rates linked to MCLR starts at 8.25%.

SBI housing loan interest 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.
  • Existing bank customers: SBI offers one of the lowest home loan rates to its existing bank account customers in view of their past relationship with the bank.

SBI Home Loan Processing Fee and Other Charges

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

  • Processing Fee - SBI applies 0.25% processing charges to account for its expenses incurred for conducting a credit appraisal and completing the lending process.
  • Technical and Legal Charges - SBI also charges technical and legal charges which are explained to the customer during the loan process. Once you go through the loan application process, you will need to pay these charges based on SBI rules.
  • Prepayment Charges: If you decide to foreclose or transfer your housing loan to another bank, you need to submit an application for the same to SBI. As per RBI rules, banks are not allowed to charge prepayment penalty on floating rate home loans. Hence, you can prepay your home loan with SBI at Nil charges.
Know All About SBI Home Loan

SBI Housing Loan: Apply

If you want to get a housing loan from SBI, the process to get the loan is fairly easy. All you need to do is to apply for a home loan at MyLoanCare. We are a channel partner of all top banks in India including HDFC, SBI, Axis Bank, Citibank. Your loan application will be processed online and SBI’s representatives will get in touch to begin the process of getting a home loan. You will also be assisted by MyLoanCare’s personal housing loan advisor to ensure that all the lending process is smooth, quick and you get the best house loan from SBI.

You can also do a comparison of SBI’s Home Loan Interest rates and other charges using MyLoanCare comparison tool. Once you apply online, you can check the real time status of your home loan application in your customer account section of MyLoanCare.

SBI Home Loan 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
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
  • Loans for construction or purchase 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. Attractive loan for self employed, businessmen , professionals with uneven flow of income through out the year.
  • 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.
Who is Eligible?
  • Individuals : salaried, professionals, self employed and businessmen.
  • Customers who expect to have surplus income can opt for the loan.
Key Loan Terms
  • Home loan available at the age of 18 to 70 years
  • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 10 Cr
  • Option to apply for a maximum ltv of 90% of value of the property
  • Housing loan for a maximum period of 35 years
State Bank of India Realty Home Loan
  • Loan for purchase of plot or land to construct home on the same.
  • 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.
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 to 70 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 35 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.
      • 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 to 45 years
      • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 10 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 Privilege Home Loan
      • 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.
      • Extended repayment period upto an age of 75 years, however, tenure capped at 30 years.
      • EMIs to be serviced during the post retirement term are capped at 50 percent of the current net monthly income.
      • Low interest rate without any processing fees or prepayment charges. Concession of 5 bps over the home loan card rates.
      Who is Eligible?
      • Should be employee of Central / State Governments including PSBs, PSUs of Central Government, and other individual(s) with pensionable service.
      • 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 to 75 years
      • Loan amount that you can borrow ranges from ₹ 25 Lakh to ₹ 10 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.
      • Additional loan for existing home loan customers of the bank at interest rate of 0.25 to 1.00 percent higher than the current interest rate on home loan.
      Who is Eligible?
      • All existing home loan borrowers with a satisfactory repayment track of at least one year.
      • 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 to 70 years
      • Loan amount that you can borrow ranges from ₹ 2 Lakh to ₹ 5 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
      • Under this scheme, home loan interest rates are linked to RBI Repo Rate. Any change in Repo Rate will directly impact the rate of home loan.
      • Under Repo Rate linked home loan, you have to repay a minimum of 3% of the principal amount every year in EMIs.
      • Existing borrowers of SBI also have the option to switch from MCLR linked home loan to the Repo Rate linked product by paying one time charges of 0.25% of the loan amount.
      Who is Eligible?
      • Individuals : salaried, professionals, self employed and businessmen.
      • Minimum annual income of Rs. 6 lakh is required to be eligible for this loan.
        Key Loan Terms
        • Home loan available at the age of 18 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
        Illustration on Home Loan SBI
        Maximum Annual Percentage Rate (APR)8.2% to 8.75%
        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: Rs. 1 Lakh
        • Time period: 5 years to 35 years
        • SBI Home Loan Interest Rate: 8.20% to 8.75%
        • Processing Fee payable to SBI: Upto Rs. 10,000. Current offer for processing fee is Nil
        • Fee payable to MyLoanCare: NIL
        • Total Monthly Cost – From Rs. 725 for a 35 years Rs. 1 Lakh loan at 8.20% (lowest rate, longest time period) to Rs. 2,064 for a 5 years Rs. 1 Lakh loan at 8.75% (highest rate, shortest time period). This is inclusive of principal repayment.
        • Annual Percentage Rate (APR) of charge including all applicable fees: 8.2% to 8.75%
        • Total cost payable over loan tenure: Rs. 33,823 for 5 years loan to Rs. 2.15 Lakh for 35 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.

        Frequently Asked Questions

        What is SBI home loan procedure?

        You can apply for a SBI home loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online market place improves the chances of getting best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process which includes checking your CIBIL score, property valuation, technical and legal checks on property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also check your SBI home loan status by logging in your customer account with MyLoanCare.

        Why should I opt for balance transfer to SBI?

        SBI offers competitive home loan rates with best EMI of ₹ 725 per lakh availed at low interest rate of 8.20% for a maximum tenure of 35 years. If you are paying an EMI more than ₹ 725 per lakh, you should consider option for a loan transfer to SBI from your existing bank.

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

        SBI offers you a longer tenure of 35 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 foreclose 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. Availing loan transfer to SBI can allow you to save interest, 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 home 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 Repo Rate and 1 Year MCLR.

        What is the effect of part prepayments on SBI housing loan 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 loan.

        How will interest rate on SBI housing loan change in future?
        • Floating rate on SBI housing loan is linked to its MCLR Rate, which is currently at 8.05%. When Bank offers a home loan at 8.25%, it applies a premium of 0.2% 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.
        • SBI also offers RBI Repo Rate linked home loan which starts at 8.20%. Current Repo Rate of RBI is 5.15%. Bank applies a premium of 3.05% 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 bank 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's Repo Rate linked home loan rate will cut from 8.20% to 8.05%.
        How much margin would I have to pay on loan?
        S. NO. Loan Amount Margin
        1Up to Rs. 30 Lacs10%
        2Above Rs. 30 Lacs to upto Rs. 75 Lacs20%
        3Above Rs. 75 Lacs25%
        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 News - Oct 2019
        *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