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SBI Flexi Pay Home Loan

Flexipay Home Loan

Last Updated 17th Oct 2021

  • SBI Flexi home loan is a home financing option for salaried borrowers that offers home loans starting at 8.15%.
  • You can avail home loan to purchase your dream house at 20% higher eligibility on home loans.
Interest Rate8.15%
Processing Fees Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 30,000
Prepayment ChargesNil
Loan Amount₹ 25,00,000 - ₹ 10,00,00,000
Loan TenureUpto 30 years
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

What is SBI Flexi Pay Home Loan?

SBI Flexi Pay home loan is a special home loan scheme for salaried borrowers that provides 20% higher eligibility for a higher loan amount. Under this home loan scheme, you can opt to pay only interest during the moratorium period and pay moderated EMI afterwards. Moreover, you can avail of loan amount upto ₹ 10,00,00,000. However, the eligibility for a home loan depends on various factors such as income, CIBIL score, repayment capacity, etc.

Features and Benefits of Flexi Pay Home Loan

Below-mentioned are salient features of Flexi Pay Home Loan:

  • Low-Interest Rate : The interest rate on the SBI FlexiPay home loan is charged on a daily reducing method and is thus comparatively lower. Currently, the home loan starts at 8.15%
  • Low Processing Fee : The bank charges lower processing of Upto 0.40%, Minimum ₹ 10,000 and Maximum ₹ 30,000 of the loan amount + GST.
  • No hidden charges : There are no hidden charges on SBI loans. All the information regarding rates and charges is shared when you inquire about the loan.
  • No prepayment charges : If you decide to prepay the home loan, SBI does not charge any prepayment charges on this scheme.
  • Longer Tenure : With a Flexi home loan, you can avail of a home loan for a maximum tenure of 30 years.

SBI Flexipay Home Loan Eligibility and Documentation

You must check eligibility before applying for a home loan to avoid any rejection at the time of the loan application. To accurately check the eligibility, you can also use the MyLoanCare Eligibility Calculator. The online calculator helps you calculate the results error-free, thus saving both your time and effort. The eligibility criteria to avail of SBI Flexipay home loan is mentioned below:

Resident Indian
Minimum Age21 Years
Maximum Age 45 Years to apply and 70 years for repayment
Income ₹ 25,000
CIBIL Score 650 or above

Documents Required for Flexi Pay Home Loan

Common Documents for All Applicants

  • Personal Loan Application Form with 3 passport size photographs
  • Proof of Identity : Voter ID Card, Passport, Driving License, PAN Card, Aadhaar Card
  • Proof of Residence : Utility Bills, Driving License, Passport, Aadhaar Card, Voters ID Card.

Property Documents

  • Permission for construction (where applicable)
  • Allotment Letter/Stamped Agreement for Sale
  • Payment Receipts or bank A/C statement for the payments made to Builder/Seller
  • Approved Plan copy & Registered Development agreement of the builder

Account Statement

  • Last 6 months Bank Account Statements
  • Loan account statement for last one year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor

  • Salary Slip or Salary Certificate of last 3 months
  • Form 16 or IT Returns for last 2 financial years

SBI Flexi Loan Interest Rate

The table below mentions the SBI Flexi home loan interest rate for different loan amounts:

Loan AmountSalaried (Male)Salaried (Female)
Upto ₹ 30 Lakh8.20%8.15%
Above ₹ 30 Lakh - Upto ₹ 75 Lakh8.45%8.15%
Above ₹ 75 Lakh8.55%8.15%

How to Apply for SBI Flexi Pay Home Loan?

The table below mentions the SBI Flexi home loan interest rate for different loan amounts:

  • To apply for the SBI Flexi Pay home loan scheme, you need to visit the bank branch or SBI official website.
  • Alternatively, you can also avail of a home loan through an online marketplace like MyLoanCare.
  • It is an online platform that helps you get the best rates by thoroughly analysing banks’ rates and charges, approval process, etc.
  • In addition, you can also check the eligibility for your home loans using MyLoanCare Home Loan Eligibility Calculator.
  • To apply for SBI Flexi Pay Home Loan through MyLoanCare, click here and submit the required details. Our team will also guide you regarding the approval process and documentation etc.


What is the maximum repayment period under the SBI Flexipay home loan scheme?

This scheme comes with a maximum repayment tenure of a maximum of 30 years. You can choose the tenure of your home loan depending on your requirement. For instance, higher tenure means low EMI and, similarly, vice-versa.

What is the moratorium period in SBI Flexi home loans?

Under SBI Flexi home loans, you can choose a moratorium period ranging from 36 to 60 months where the borrower will only need to pay the interest.

What is the interest rate of the SBI Flexipay home loan interest rate?

As per the current rates, you can avail of SBI Flexi pay home loan at rates starting at 8.15%. However, the bank also charges a processing fee of upto ₹ 30,000 of the loan amount on a home loan.

Can I pay more than EMI for a Flexi home loan in SBI?

Yes, the EMI for a home loan depends on loan amount and loan tenure. To pay a higher EMI, you can decrease the loan tenure.

Will I be charged for prepayment for Flexi Home Loan?

If you decide to repay your home loan before the end of tenure, you can do so at nil prepayment charges for floating home loan rates.

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