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

Menu

SBI Home Loan

SBI Housing Loan 2020

Last Updated 25th Nov 2020

SBI is one of the leading housing loan provider in the country. SBI is a large public sector bank with the lowest home loan percent rate in India. Currently, the bank offers home loans at an interest rate beginning from 6.95% and charges a low processing fee starting from Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400. The floating rate home loan from SBI is a RLLR linked loan. Home Loan in State Bank of India is quite popular with its special features and attractive rates under various schemes such as SBI Maxgain home loan, SBI home loan top up, SBI repo rate linked home loan, SBI Realty home loan and SBI Shaurya home loan.

  • SBI Maxgain - SBI Maxgain home loan sanctions home loans as an overdraft facility, where funds can be withdrawn on a regular basis. This facility is suitable for self-employed businessmen or professionals with an uneven flow of income. The interest rate as per this facility is charged only on the withdrawn amount.
  • SBI Topup Home Loan - SBI home loan top-up loan provides additional loans to existing home loan customers over and above their existing home loan. The top-up over a home loan can be taken to meet urgent financial requirements.
Apply for Home Loan @ 6.75%* Get upto ₹ 1,000* Cashback And Free Corona Health Insurance Cover of ₹ 1 lakh

SBI Home Loan Details

Age Min 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.95%
Interest Rate Linked To RLLR
Processing Fee Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400

Features & Benefits of SBI Home Loans

SBI offers home loans at affordable rates and transparent terms. One can apply for a home loan in SBI, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that SBI home loans offer to the home loan borrowers are listed as follows:

  • SBI home loan is available for both salaried and self-employed individuals.
  • Women home loan borrowers are eligible for extra concessions in SBI home loan interest rates.
  • Interest on SBI Bank home loans is charged on a daily reducing balance.
  • SBI provides various customized home loan products to fit the needs of various home loan customers such as NRIs, Government employees, defence personnel or existing home loan borrowers, amongst others.
  • SBI home loan process is transparent and involves no hidden charges.

SBI Home Loan Offers

SBI offers home loans to both salaried and self-employed home loan applicants. However, the interest rates vary by occupation, type of property and loan amount. Currently, the lowest SBI home loan rate for salaried is 6.95%, and for self-employed home loan borrowers, the lowest home loan rate offered is 7.10%. Different interest rates for salaried and self-employed individuals across popular SBI home loan schemes are listed below:

SBI Home loan schemes Interest rate for salaried SBI Interest rate of self-employed
SBI Maxgain 6.95% 7.10%
SBI Repo Rate Linked Home Loan 6.95% 7.10%
SBI Shaurya Home Loan 7.35% 7.50%
SBI Realty Home Loan 7.65% 7.65%
SBI Home Loan Top Up 7.90% 8.05%

SBI Home Loan Schemes

SBI offers various customized home loan offers for different types of home loan borrowers. The home loan offers vary across different loan segments such as home loans for NRI, for salaried, for Government employees, for defence and army personnel, pre-approved home loans for existing customers, home loans for construction and upgradation of home amongst others. Some of the popular SBI home loan products and their specifications are listed 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.
Who is Eligible?
  • The loan can be availed by salaried, professionals, self-employed businessmen.
  • Salaried individuals are required to have a minimum income of Rs 25000 with at least 2 years of work experience.
  • Self-employed applicants require a minimum business experience of five years.
  • Applicants are expected to have a cibil score of 650 or above.
  • Customers who expect to have surplus income can opt for the loan.
Interest Rate 6.95%
Processing Fee Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400
RLLR 6.65%
Eligible Age 18 years to up to 70 years.
Loan Amount ₹ 25 Lakh to ₹ 100 Cr
Maximum Tenure 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.
Who is Eligible?
  • Home loan seekers with good cibil score of 650 and above can apply for this loan.
  • Applicants with a net annual income of up to Rs 2 lakhs can also apply, however, the EMI, in this case, should not exceed 30% of the income.
  • Customers who are willing to purchase a plot and to construct a house on it.
Interest Rate 6.95%
Processing Fee Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400
RLLR 6.65%
Eligible Age 18 years to up to 65 years
Loan Amount ₹ 10 Lakh to ₹ 15 Cr
Maximum Tenure 10 years

SBI Shaurya Home Loan

  • This scheme is designed to provide home loan to the real Heroes of our Nation that is to Defense Personnel belonging to Army, Navy and Air force.
  • SBI Shaurya home loan is a customized home loan product for the Army and Defence personnel of the country. This product provides various benefits to the target borrowers such as lower interest rates, and easier repayment terms. For instance, a concession of five basis points over the regular home loan interest rate is provided as per this home loan scheme. Also, borrowers can avail repayment up to an age of 75 years while enjoying a long repayment tenure of 30 years. In addition to that, home loan EMIs serviced during the post-retirement period are capped at 50 per cent of the current net monthly income.
Who is Eligible?
  • The loan can be availed by individuals serving in Army, Navy and Air force.
  • Defense Personnel who are looking to purchase, construct or renovate their house.
Interest Rate 7.35%
Processing Fee NIL
RLLR 6.65%
Eligible Age 18 to up to 75 years
Loan Amount ₹ 25 Lakh to ₹ 7 Cr
Maximum Tenure 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.
Who is Eligible?
  • Existing home loan borrowers are expected to have a satisfactory repayment track of at least one year.
  • Salaried and non-salaried home loan customers with a good cibil score can avail home loan top-up.
  • Home loan customers looking for additional loans can apply for SBI home loan top up.
Interest Rate 7.65%
Processing Fee Upto 0.20%, Minimum ₹ 4,000 and Maximum ₹ 17,400
RLLR 6.65%
Eligible Age 18 to up to 70 years
Loan Amount ₹ 2 Lakh to ₹ 10 Cr
Maximum Tenure 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.
    Who is Eligible?
    • The loan can be opted by all Individuals whether salaried, professionals, self employed businessmen.
    • Applicants require a minimum annual income of Rs. 6 lakh to apply for the SBI repo rate linked home loan.
    • The loan can be opted by new or existing home loan borrowers.
    Interest Rate 7.90%
    Processing Fee NIL
    RLLR 6.65%
    Eligible Age 18 to up to 70 years
    Loan Amount ₹ 25 Lakh to ₹ 100 Cr
    Maximum Tenure 35 years

    SBI Home Loan Procedure

    Getting a home loan from SBI is fairly easy with an online application process. A home loan can be availed from SBI in five simple steps:

    Step 1: Visit the website, branch, or website of authorised online channel partner of SBI and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
    Step 2: An official of SBI or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
    Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a SBI’s representative will visit your home or office to collect your documents.
    Step 4: SBI will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
    Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from SBI and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

    SBI Home Loan Process

    Getting a home loan from SBI is fairly easy with an online application process. A home loan can be availed from SBI in five simple steps:

    Step 1: Visit the website, branch, or website of authorised online channel partner of SBI and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.

    Step 2: If you apply online at MyLoanCare, a loan advisor will call you to confirm details discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.

    Step 3: Once you agree to proceed with the loan application, your application will be forwarded to the bank. After that you have to submit your income and property documents online, or an SBI’s representative will visit your home or office to collect your documents.

    Step 4: SBI will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do a technical evaluation of your property.

    Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from SBI and will need to sign a loan agreement with the bank. Post this; the loan will get disbursed to your account.

    SBI Home Loan EMI Calculator

    SBI home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. SBI Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that SBI Home Loan EMI calculator offers is accurate and reliable.

    SBI Home Loan Eligibility Calculator

    SBI Home loan eligibility calculator is an online tool that helps the SBI home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

    Documents Required for SBI Home Loan

    To apply for a home loan in , one is required to submit the following documents:

    • Home loan application form with three attested photographs.
    • Identity proofs: Anyone amongst PAN, passport, Voter ID card or driving license.
    • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
    • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or SBI bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
    • Bank account statements for the last six months of all bank account held by the applicant.
    • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
    • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
    • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
    • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

    SBI Pradhan Mantri Awas Yojana Subsidy 2020

    Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on SBI home loans. The repayment tenure of SBI PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with SBI.

    FAQs

    Can I apply for an SBI home loan online?

    Yes, you can apply for a SBI home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

    Which is the best SBI home loan scheme?

    Choosing the best SBI home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best SBI home loan scheme is based on one’s needs.

    Is SBI good for a home loan?

    SBI is one of the best home loan lenders in the country. Currently, SBI lowest home loan interest rate is 6.75%.

    How many types of SBI home loans are there?

    SBI offers various home loan products for the convenience of the home loan borrowers. Various popular home loan products offered by SBI are listed as follows: SBI Maxgain, SBI Repo Rate Linked Home Loan, SBI Shaurya Home Loan, SBI Realty Home Loan, SBI Home Loan Top Up

    How can I check my SBI home loan status?

    One can check their SBI home loan status on SBI’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the SBI mobile app

    What is the eligibility for a Home Loan of SBI?

    The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

    Does SBI Home Loan include registration fees?

    Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

    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 marketplace improves the chances of getting the 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 the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting SBI Home Loan apply online portal and can check your SBI online Home Loan status by logging into your customer account with MyLoanCare.

    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 the benefit of paying less EMI per month.

    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 a housing loan?

    The benchmark applicable for Home Loan in SBI is RLLR

    Is SBI good for a Home Loan?

    Yes, SBI has various Home Loan schemes like SBI Maxgain, SBI Flexipay Home Loan, SBI Privilege Home Loan, etc.

    Which SBI Home Loan is better?

    Each SBI Home Loan scheme is suitable for different purposes. For example, SBI Maxgain provides an overdraft facility suitable for those who want to pay interest only for the amount they use. Similarly, the SBI Privilege Home Loan is for the central and state government employees to construct, purchase, repair, or modify the house.

    Is PMAY applicable to SBI Maxgain?

    Yes, PMAY applies to SBI Maxgain.

    Related Topics
    Latest Blogs

    SBI Home Loan News - Dec 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
    Loader
    Please wait while your information is being processed...