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SBI Privilege Home Loan

Privilege Home Loan

Last Updated 18th Oct 2021

  • SBI privilege home loan is an exclusive home financing option for government employees.
  • Employees of central and state government, including Central government, PSBs, PSUs and pensioners, can avail of SBI privilege home loan rates starting at 7.35%.
  • Home loans under this scheme are available for a maximum tenure of 30 years.
  • SBI offers a Privilege home loan with benefits such as nil prepayment, discounted rates for women borrowers.
  • Calculate the lowest EMI on your home loan using the SBI Privilege Home loan calculator.
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

What is SBI Privilege Home Loan Scheme?

SBI Privilege Home Loan is a special home loan designed especially for government employees. Individuals working with the central or state government or are government pensioners who are willing to purchase a plot to construct a dwelling unit can avail of this loan. To avail of the privilege home loan, you must fulfil the SBI eligibility criteria such as age, income, repayment capacity, etc. You can avail of a Privilege home loan for amounts up to ₹ 50 Lakh to ₹ 3 Cr.

Features and Benefits of Privilege Home Loan

SBI offers the following features and benefits on a Privilege home loan:

  • Low-Interest Rates
  • Zero Processing Fee
  • No Hidden Charges
  • Nil charges on prepayment
  • Interest charged on Daily Reducing Balance
  • Repayment up to 30 years
  • Discounted Rates for Women Borrowers

Eligibility Criteria for SBI Privilege Home Loan

To avail privilege home loan from the State Bank of India, you need to fulfil the eligibility criteria as mentioned below:

Occupation/ EmploymentIndividuals working under Central or State Governments
Minimum Age18 Years
Maximum Age75 years
Loan TenureUpto 30 years
Loan Amount₹ 50 Lakh to ₹ 3 Cr

SBI Privilege Home Loan Interest Rate

The lowest SBI privilege home loan interest rate 2021 starts at 7.35% and varies from customer to customer based on your eligibility, loan amount, occupation & gender etc. SBI also charges a processing fee at NIL on its home loan. The table below mentions the SBI privilege home loan interest rate for different loan amounts:

Loan AmountInterest Rates
Upto ₹ 30 Lakh 7.35% -7.60%
Upto ₹ 75 Lakh 7.60% -7.75%
Upto ₹ 1 Cr 7.70% -7.85%
Upto ₹ 3 Cr 7.70% -7.85%

Documents Required for Privilege 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 for all Bank Accounts held by the applicant/s
  • Loan account statement for last one year
Income Documents
  • 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
  • For Non-Salaried Co-applicant/ Guarantor:
    • Business address proof
    • IT returns for last 3 years
    • Balance Sheet & Profit & loss A/c for last 3 years
    • Business License Details(or equivalent)
    • TDS Certificate (Form 16A, if applicable)
    • Certificate of qualification (for C.A./ Doctor and other professionals)

How to Apply for SBI Privilege Home Loan Scheme?

You can apply for SBI Privilege Home Loan through both online & offline modes. You can apply for a home loan by visiting the SBI official website or the nearest bank branch. However, to get a home loan at the best rates, you can avail home loan by clicking here through MyLoanCare.

Other Home Loan Schemes from SBI


How to use the SBI privilege home loan EMI calculator?

SBI privilege home loan EMI Calculator uses a combination of the loan amount, tenure, and interest rate to calculate housing loan EMI instantly. Therefore, you need to enter these details in the calculator and to get the desired result.

Is SBI privilege home really beneficial?

Yes, the SBI privilege home loan scheme provides discounted rates to purchase a plot or residential property to the government employees at no hidden charges. In addition, the bank does not charge any processing fees on a home loan.

Can I convert my SBI home loan to a privileged home loan?

Yes, you can switch your existing home loan from SBI to a privileged home loan if you are a government employee and fulfil other eligibility criteria for availing of these loans.

What is the minimum tenure for an SBI privilege home loan?

You can avail of an SBI privilege home loan for a minimum repayment tenure of 1 years to upto 30 years.

Can I reduce SBI privilege home loan tenure?

Yes, SBI allows you to reduce the tenure of SBI by making partial payments of your home loans. The bank does not charge any penalty fee for prepayment.

Is this loan open to non-government employees?

No, the home loan product is exclusively for government employees/pensioners, and you cannot avail of the loan if you are not working with the central or state government.

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