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SBI Home Loan

Last Updated 24th Jun 2017

SBI Housing Loans

Rate of Interest 8.35% - 8.60%
Maximum Loan Tenure From 5 years to 30 years
Loan Amount Between Rs. 1,500,000 to Rs. 30,000,000
Lowest EMI per lakh Rs. 758 per lakh
Age Between 18 years to 70 years
Processing Fee 0.35%
Apply Home Loan @ 8.35%*
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SBI Home Loan Details

SBI home loan is dependent on various factors and varies from person to person. These factors are -

Loan Tenure - SBI Home loans are of shorter tenure ranges from 5 years to 30 years and carry lower rate of interest compared to shorter term loans.

Repayment Capacity - Before giving home loan to the borrower, SBI checks the repayment capacity of the borrower. Bank verifies the repayment capacity of the customer through CIBIL as it has all the details of previous loans taken and their repayments. CIBIL also gives the information of credit card bills payment.

Relationship with the bank/NBFCs - SBI offers special rates, offers and charges to the existing account holders of the bank. Those who have managed their accounts and made all the payments on time in past will get benefit from the bank.

SBI Home Loan Document List

Documents Salaried Self Employed
Signed Application Form Yes Yes
Passport Size Photo Yes Yes
Copy of Income Tax PAN Yes Yes
Identity Proof Passport/ Driving License/ Voter ID/ PAN Passport/ Driving License/ Voter ID/ PAN
Income Proof Latest pay slip, Form 16, 3 months bank statement showing salary credit and any EMI debit 6 months bank statement, ITR of last 2 years
Address Proof Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
Business Proof VAT/ service tax registration, incorporation details in case of companies, partnership deed, business address proof

SBI Home Loan Apply

SBI gives the facility of home loan to the people who want money to meet their urgent requirements. There are some features and benefits of taking house loan from SBI:

SBI Home Loan Calculator

Interest Rate Calculator - This helps you in identifying the interest rate charged on applied loan amount for effective tenure.

Interest rate on SBI Home loan depends upon

Loan Amount - Higher the loan amount, lesser will be the interest rate

Benchmark Rate - Home loan floating of SBI depends upon 1 Year MCLR which is currently 8.00%.

Eligibility Calculator - This calculator calculates your House loan eligibility depending upon your monthly income, loan tenure, interest rate and existing obligations (if any). Apply for only that much loan amount, what you are eligible for. This calculator calculates eligibility based on salary. You can also calculate your home loan eligibility online and based on that apply for loan. Eligibility depends on:

  • NTH – Higher monthly income increases your eligibility to get SBI Housing loan. SBI requires a minimum income of at least Rs. 25000 to avail you loan
  • Loan Tenure – You can get home loan for maximum tenure of 30 years depending upon your current age
  • Obligations – Your existing obligations can reduce your chances of getting Home loan from SBI. So, complete your existing obligations first and then apply for loan
  • There are various methods of calculating eligibility

  • Multiplier method – This method calculates your loan amount based on your income and company profile
  • FOIR (Fixed Obligation Income Ratio) – Your loan amount eligibility is calculated on the basis of your maximum EMI or monthly installments in respect to your income

EMI Calculator - Home Loan EMI calculator helps you in calculating your monthly EMI based on the loan amount, interest rate and tenure you have applied for.

Loan amount - You should apply for only eligible loan amount from SBI ranges from Rs. 1,500,000 to Rs. 30,000,000. EMI will be high based on your loan amount.

Loan Tenure - High tenure of home loan leads to low amount of EMI.

Interest Rate - SBI home loan EMI will be low if your rate of interest is less.

FAQs on Home Loan from SBI

How SBI does calculate NTH for Home loan?

NTH in SBI is calculated as the average of last 2 to 3 months net income as per your salary slip and same replicating in statement.

Can I prepay my Home loan in SBI?

Yes, you can prepay your House loan in SBI with Nil charges.

How much fee is charged by SBI for Home loan?

Processing fee charged on SBI Home loan is 0.35% with applicable service tax.

Is SBI BT a better option?

SBI offers minimum rate of 8.35% with lowest EMI of Rs. 758 per lakh. If you are paying higher EMI than SBI, then balance transfer is the right option.

Can I check my loan account statement online?

You can login into your SBI online net banking account to get your loan details, track your loan history and make the payment online.

Is buying home loan insurance mandatory?

No, with home loan, home loan protection plans are not mandatory by law, or IRDA or RBI. However, different banks have different policy to safeguard their interest. Hence some banks insist on taking an insurance plan along with loan.

Easy comparison of SBI home loan with other banks

SBI Customer Care Number, Email, Application Status, Branches

City Customer Care Number
Agra 979-350-2211
Ahmedabad 972-434-2211
Ambala 999-637-2211
Anand 972-434-2211
Aurangabad 973-001-2211
Bangalore 973-193-2211
Bhilai 989-328-2211
Bhilwara 979-933-2211
Bhiwadi 973-001-2211
Bhopal 989-328-2211
Bhubaneswar Cuttack 977-745-2211
Bikaner 979-933-2211
Chandigarh 977-916-2211
Chennai 979-094-2211
Cochin 999-539-2211
Coimbatore 979-191-2211
Dehradun 976-020-2211
Delhi 995-880-2211
Durg 989-328-2211
Faridabad 995-880-2211
Gandhinagar 972-434-2211
Ghaziabad 995-880-2211
Goa 973-001-2211
Greater Noida 995-880-2211
Gurgaon 995-880-2211
Guwahati 995-705-2211
Gwalior 989-328-2211
Hyderabad 995-919-2211
Indore 989-328-2211
Jabalpur 989-328-2211
Jaipur 979-933-2211
Jalandhar 977-916-2211
Jodhpur 979-933-2211
Kanpur 979-350-2211
Karnal 999-637-2211
Kolhapur 973-001-2211
Kolkata 974-842-2211
Kota 979-933-2211
Kozhikode 999-539-2211
Lucknow 979-350-2211
Ludhiana 977-916-2211
Madurai 979-191-2211
Meerut 976-020-2211
Mehsana 972-434-2211
Mohali Sas Nagar 977-916-2211
Mumbai 998-755-2211
Mussoorie 976-020-2211
Nagpur 973-001-2211
Nashik 973-001-2211
Noida 995-880-2211
Noida Extn 995-880-2211
Panipat 999-637-2211
Patna 995-595-2211
Pondicherry 979-191-2211
Pune 973-001-2211
Raipur 989-328-2211
Rajkot 972-434-2211
Ranchi 995-595-2211
Rohtak 999-637-2211
Roorkee 976-020-2211
Salem 979-191-2211
Shimla 980-509-2211
Sonepat 999-637-2211
Surat 972-434-2211
Trichy 979-191-2211
Udaipur 979-933-2211
Vadodara 972-434-2211
Varanasi 979-350-2211
Vijaywada 995-919-2211
Vizag 995-919-2211
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