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SBI Home Loan

SBI Housing Loan 2021

Last Updated 07th Jul 2021

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 6.70% and charges a low processing fee starting from Upto 0.40%, Minimum ₹ 10,000. 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  • SBI Maxgain - SBI Maxgain home loan sanctions home loans as an overdraft facility, where funds can be withdrawn on a regular basis.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 The interest rate as per this facility is charged only on the withdrawn amount.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.
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SBI Home Loan Details

SBI offers multiple home loan products to its customers at low rates. Below-mentioned are the details of home loan SBI

Age Min 18 and Max 70 years for Salaried
Min 18 and Max 70 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.70%
Interest Rate Linked To RLLR
Processing Fee Upto 0.40%, Minimum ₹ 10,000
Lowest EMI Per Lakh ₹ 645
  • Purpose of Loan: SBI house loan is taken to purchase, construct a home, renovate your existing home.
  • Key Features of SBI Home Loans
    • Loan available for both salaried and self employed. Special rates for women borrowers.
    • Borrowers within the age group of 18 and 70 years.
    • Security: Mortgage of property you are planning to purchase, renovate or construct.
    • Loan to Value Ratio of 90%.
    • Loan Tenure can range from 5 to 30 years.
    • Interest rates in the range of 6.70% to 10.50%.
    • SBI home loan EMI per lakh starts from ₹ 645. However, you can calculate your home loan EMI using SBI home loan calculator 2021.
  • Special schemes: SBI offers customised home loan interest rates and schemes for special category of borrowers including women borrowers, senior citizens, NRIs etc. Some of the special loan offers of SBI are:

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:

  • It 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.
  • The process is transparent and involves no hidden charges.

SBI Home Loan Processing Fee

SBI Home loan schemes Processing Fees
SBI Maxgain Upto 0.40%, Minimum ₹ 10,000
SBI Repo Rate Linked Home Loan Upto 0.40%, Minimum ₹ 10,000
SBI Shaurya Home Loan NIL
SBI Realty Home Loan NIL
SBI Home Loan Top Up NIL

How to Get Easy Home Loan from SBI?

Getting a home loan from SBI is fairly easy with an online application process. 5 Steps for SBI Home Loan Apply

  • 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 Documents Required

To apply for a home loan in SBI, the bank asks you to submit the following SBI Home Loan Documents .

  • Home loan application form with three attested photographs.
  • Identity proofs: 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 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 accounts 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 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 loan is an overdraft home loan scheme that works like a savings or a current account. Under this scheme, you can get an overdraft equivalent to the sanctioned home loan amount, and in case of surplus money, you can deposit money in your SBI Maxgain account. The bank also offers a cheque book, ATM-cum-Debit Card and net banking facility.

SBI Realty Home Loan

  • 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 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.
  • Under SBI Land Loan, you must complete the construction of the house within five years from the date of loan sanction.
  • In addition, if you are an existing customer, you can also avail of another home loan to construct 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.

SBI Shaurya Home Loan

  • SBI Shaurya home loan is a customized home loan product for the Army and Defence personnel of the country. Under this scheme, you can avail of a home loan at lower interest rates and easier repayment terms. For instance, you can get a concession of five basis points over the regular home loan interest rate. Also, borrowers can avail of repayment up to an age of for a maximum 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.

SBI Home Loan Top Up

  • The scheme is available for existing home loan customers looking for additional funds above their existing loan amount to meet their financial needs. The interest rate on SBI Home Loan Top-up is lower than the regular home loan schemes and is thus more affordable.

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.

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.

Compare SBI Home Loan with Other Banks

FAQs

What are the documents required for home loan SBI?

To apply for SBI Home Loan, you will be required to submit SBI home loan documents such as home application form with attested photographs along with various other documents such as identity proof, bank statements, residence proof, property papers and loan account statements if any.

Why should I take a home loan from SBI ?

Below-mentioned is the reason why you must avail a home loan from SBI

  • Interest rate linked to Repo Rate
  • Special rate for women borrowers
  • Overdraft facility to save interest
  • Nil Processing Fee on Loan Transfer
  • Doorstep service by authorized person
  • Multiple home loan schemes as per the need of the customer

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 home loan interest rate 2021 starts at 6.65%.

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.

What is SBI Home Loan procedure?

There are two methods to complete the application for SBI Home Loan Process online:

  • Apply online at SBI official website or online portal for home loans.
  • Online Marketplace like MyLoanCare

However, Availing a loan through an online marketplace improves your the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs.

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.

Does SBI check CIBIL for home loan?

Yes, to avail home loan from SBI, you must fulfill SBI Home Loan CIBIL requirement of a min CIBIL Score of 650 or above.

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 . RLLR is an external benchmark wherein commercial banks use the RBI’s repo rate to calculate the retail loan interest rate. In RLLR, the reset period is 3 months which implies that banks would revise your interest rate of RLLR-linked loans every 3 months.

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. The lowest interest rate provided by SBI is 6.70% which is one of the best rates in the market. There are no prepayment charges on floating rate based home loans. The loan process is quick with a great customer rating of 4.2/5. Hence, you can consider SBI as a good option for housing loans.

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 and the subsidy under this scheme is avalaible for a maximum tenure of 20 years. You can avail a maximum subsidy benefit of upto ₹ 2.35 Lakhs depending on your eligibility.


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SBI Home Loan News - Jul 2021
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
  • 2021-05-04 : SBI revised its home loan rates to 6.70%
    State Bank of India revised its home loan rates to 6.70%. The new home loan rates will be effective from 03 March 2021.
  • 2021-04-27 : SBI introduced video KYC on mobile banking app YONO
    With an aim to improve the customer experience and improve the loan and investment portfolio, SBI introduced KYC on its Mobile banking app YONO. The digital initiative, powered by AI and Facial Recognition Technology, is a contactless and paperless process.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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