MyLoanCare is a FREE of cost service for borrowers

Get Cashback of Upto ₹ 1,000* on Home Loan Apply Online

MyLoanCare Customer Ratings - 4.5/5.0

SBI Home Loan Interest Rates 2020

SBI Housing Loan Interest Rate

Last Updated 17th Sep 2020

Current SBI Home loan interest rates for Sep 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%

Interest rate linked to Repo Rate

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, extension or improvement.

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 4.1/5.0 from customers who have taken a home loan from the bank.

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 Bank 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 SBI Home Loan rate is 6.95%, while that of HDFC is 7.00%, which makes SBI 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.

      How will SBI housing loan rate of interest change in the future?

      • 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

      Related Topics
      Latest Blogs

      SBI Home Loan Reviews 4.1/5  by 51 customers
      MyLoanCare Service
      4.2/5.0
      Banks Service
      4.1/5.0
      ,
      Reviewed on 17th Sep 2020
      5 / 5 stars
      SBI Home Loan Availed in Sep 2020

      I am very happy with the service which MLC provides. The coordinator Mansi Goyal was actively involvRead more...

      Satayjit Satayjit, Delhi
      Reviewed on 18th Mar 2020
      5 / 5 stars
      SBI Home Loan Availed in Feb 2020

      Thanks to MyLoanCare team for helping me get a loan from SBI. All the best to their team.Read more...

      Manish Kumar, Bangalore
      Reviewed on 18th Mar 2020
      4.5 / 5 stars
      SBI Home Loan Availed in Mar 2020

      Right from the first point of contact until disbursement, it was an amazing experience that too withRead more...

      Kaustubh Shete, Bangalore
      Reviewed on 06th Mar 2020
      4 / 5 stars
      SBI Home Loan Availed in Jan 2020

      Great service. People were very helpful even after office hours.Read more...

      Shray Narula, Delhi
      Reviewed on 14th Feb 2020
      5 / 5 stars
      SBI Home Loan Availed in Feb 2020

      It was good and smooth. Harish helped along the way and loan got sanctioned.Read more...

      bhuvesh taneja, Delhi
      Reviewed on 10th Feb 2020
      4 / 5 stars
      SBI Home Loan Availed in Jan 2020

      Service provided by MyLoanCare was excellent, however, I faced difficulty from the end of SBI.Read more...

      Majinder Sandhu, Pune
      Reviewed on 26th Jan 2020
      5 / 5 stars
      SBI Home Loan Availed in Jan 2020

      It was a great experience. The process was very smooth and simple. Executive, both from MyLoanCare aRead more...

      Abhishek a, Bangalore
      Reviewed on 24th Jan 2020
      5 / 5 stars
      SBI Home Loan Availed in Nov 2019

      Excellent service from MyLoanCare. They were very clear about the process from the first day. They hRead more...

      SBI Home Loan News - Sep 2020
      • 2020-09-16 : SBI YONO could be a $40 billion goldmine
        SBI could be sitting on a goldmine when it comes to its digital startup YONO (You only need one). The super-app could be valued at $40 billion with the lender considering long term plans to hive it off as a separate entity once it assumes a certain size.
      • 2020-09-15 : SBI Card to enrol delinquent customers in restructuring plans
        SBI Card is in the process of enrolling delinquent customers, who did not repay after the end of the moratorium, in the RBI restructuring scheme. The bank is planning to assist customers by providing them more time for repayments.
      • 2020-09-11 : State Bank of India targets 3x growth in retail, MSME gold loans
        SBI is targeting 3x growth in retail loans which includes home, personal, car, two-wheeler and gold loans along with MSME loans. The bank has planned to use YONO, its digital banking platform, to cut down on response time and scale-up activity.
      • 2020-09-11 : SBI to launch online application window for retail recasts
        SBI is planning to launch a portal on its website to enable its customers to apply for the restructuring of loans. Loans include retail loans like home, personal, gold, two-wheeler, and two-wheeler along with business loans. The portal is set for a September-15 launch; it will allow borrowers to ascertain their eligibility for recast in two to three days. SBI adds a security feature to its debit cum ATM cards
      • 2020-08-06 : SBI reports Q1FY21 net profit of Rs. 4776.50 crore
        State Bank of India reported a net profit of Rs.4776.50 crores for the period ended June 30, 2020, as against a net profit of Rs.6909.95 crores for the period ended March 31, 2020. The Bank posted a total income of Rs.87984.33 crores backed by retail loans like home, personal, car, two-wheeler, and gold loan along with the business and mudra loans. Further, the bank total deposits which include FD, RD, current and savings account grew at 15.96 per cent YoY.
      *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
      Loader
      Please wait while your information is being processed...