State Bank of India is one of the leading banks in India that offers great financial products and services. SBI offers home loan to individuals who need money to buy a house. Loans can also be availed for home extension, home renovation, etc. The house itself is considered as a security to the home loan.
| Rates and Charges | Specification |
|---|---|
| Rate of Interest | 8.30% to 8.65% (Floating) |
| Tenure of the loan | 30 years |
| Charges for pre-closure | Nil |
| Processing fees | 0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax) |
The processing fee associated with SBI home loan is 0.35% of the total loan amount. The maximum processing fee stands at Rs.10,000 and the minimum stands at Rs.2,000. Taxes are also applicable on the processing fee. The tenure of the loan is 30 years. There are no pre-closure charges associated with housing loans offered by SBI.
Further Reading : Compare Housing Loan Interest Rates with Top Banks
The State Bank of India (SBI) has reportedly raised the marginal cost of funds based lending rate by 0.05% or 5 basis points (bps) across various loan tenures ahead of the Reserve Bank of India’s (RBI) fourth bi-monthly monetary policy review. The new effective rates will be applicable from 01 October 2018. Existing home loan borrowers can pay the same rate until the reset clause is specified by the bank while new home loan borrowers will have to pay a higher interest rate on their housing loans. The RBI has hiked its benchmark key repo rate by a total of 50 basis points (bps) or 0.50% in the last two monetary policy reviews, With inflation concerns on the rise amid the losing rupee and increasing crude prices, the central bank is expected to hike the key repo rate by another 25 basis points or 0.25% in its monetary policy review later during the week. The one-year MCLR on which the SBI housing loans are benchmarked currently stands at 8.50%, an increase of 55 bps or 0.55% from 7.95% when the year 2018 began.
An individual can enjoy the following benefits upon taking a home loan from SBI:
Mr. Sharma invested in a home with a low-interest loan. What about you? Explore Home Loans
2 Year Fixed Interest Rate Loan (Hamara Ghar)
| Women | Others | |
|---|---|---|
| Salaried (up to Rs.30 lakh) | 35 basis points above 1 year MCLR, ER : 8.30% | 45 basis points above 1 year MCLR, ER : 8.40% |
| Non-Salaried (up to Rs.30 lakh) | 40 basis points above 1 year MCLR, ER : 8.35% | 50 basis points above 1 year MCLR, ER : 8.45% |
The Hamara Ghar home loan offers a rate 8.30% for salaried women. For all the other salaried customers, the bank offers a rate of 8.35%. For all the non-salaried women customers, the State Bank of India charges a rate of 8.40%. For the other non-salaried customers, the rate of interest associated with 2 Year Fixed Interest Rate Loan stands at 8.45%. All of this is applicable for a loan amount of up to Rs.30 lakh.
Floating Interest Rate Home Loan: Loans above Rs.30 lakh and upto Rs.75 lakh
| Â | Women | Others |
|---|---|---|
| Salaried (Loans above Rs.30 lakh and upto Rs.75 lakh) RG 1,2,3 | 35 basis points above 1 year MCLR, ER : 8.30% | 40 basis points above 1 year MCLR, ER : 8.35% |
| Salaried (Loans above Rs.30 lakh and upto Rs.75 lakh) RG 4,5,6 | 40 basis points above 1 year MCLR, ER : 8.35% | 45 basis points above 1 year MCLR, ER : 8.40% |
| Non-Salaried (up to Rs.30 lakh) RG 1,2,3 | 50 basis points above 1 year MCLR, ER : 8.45% | 55 basis points above 1 year MCLR, ER : 8.50% |
| Non-Salaried (up to Rs.30 lakh) RG 4,5,6 | 55 basis points above 1 year MCLR, ER : 8.50% | 60 basis points above 1 year MCLR, ER : 8.55% |
The Floating Interest Rate home loan offers a rate 8.30% for salaried women for RG 1,2,3. The Floating Interest Rate home loan offers a rate 8.35% for salaried women for RG 4,5,6. For all the other salaried customers, the bank offers a rate of 8.35% for RG 1,2,3. For all the other salaried customers, the bank offers a rate of 8.35% for RG 4,5,6.
For all the non-salaried women customers, the State Bank of India charges a rate of 8.45% for RG 1,2, and3. For non-salaried women customers with RG 4,5, and 6, the bank charges 8.50%. For the other non-salaried customers, the rate of interest associated with Floating Interest Rate home loan stands at 8.50% for RG 1,2, and 3. For the other non-salaried customers with RG 4,5, and 6, the rate of interest is 8.55%. All of this is applicable for a loan amount of up to Rs.30 lakh.
Floating Interest Rate Home Loan: Loans above Rs.75 lakh
| Â | Women | Others |
|---|---|---|
| Salaried RG 1,2,3 | 45 basis points above 1 year MCLR, ER : 8.40% | 50 basis points above 1 year MCLR, ER : 8.45% |
| Salaried RG 4,5,6 | 50 basis points above 1 year MCLR, ER : 8.45% | 55 basis points above 1 year MCLR, ER : 8.50% |
For loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.40% for salaried women under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, salaried women under RG 4,5, and 6, enjoy ER 8.45%.
For other salaried individuals, for loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.45% under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, individuals under RG 4,5, and 6, enjoy ER 8.50%.
| Â | Women | Others |
|---|---|---|
| Salaried RG 1,2,3 | 55 basis points above 1 year MCLR, ER : 8.50% | 60 basis points above 1 year MCLR, ER : 8.55% |
| Salaried RG 4,5,6 | 60 basis points above 1 year MCLR, ER : 8.55% | 65 basis points above 1 year MCLR, ER : 8.60% |
For loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.50% for non-salaried women under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, non-salaried women under RG 4,5, and 6, enjoy ER 8.55%.
For other non-salaried individuals, for loans above Rs.75 lakh under the floating interest rate home loan, the bank offers 8.55% under Rs 1,2, and 3. For loans above Rs.75 lakh under the floating interest rate home loan, individuals under RG 4,5, and 6, enjoy ER 8.60%.
Maxgain- Floating Interest Card Rate Home Loan for Salaried
| Â | Â | Women | Others |
|---|---|---|---|
| Loans above Rs.20 lakh and upto Rs.30 lakh | RG – 1, 2, 3 | 1 year MCLR+40 bps, ER:8.35 | 1 year MCLR+ 45 bps, ER:8.40% |
| RG – 4, 5, 6 | 1 year MCLR+ 40 bps, ER:8.35% | 1 year MCLR+ 45 bps, ER:8.40% | |
| Loans above Rs.30 lakh and upto Rs.75 lakh | RG – 1, 2, 3 | 1 year MCLR+45 bps, ER:8.40% | 1 year MCLR+50 bps, ER:8.45% |
| RG – 4, 5, 6 | 1 year MCLR+50 bps, ER:8.45% | 1 year MCLR+ 55 bps, ER:8.50% |
Under Maxgain Floating Interest Card Rate Home Loan, salaried women enjoy 8.35% interest rate on loans above Rs.20 lakh and upto Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6. For other individuals, the bank offers 8.40% interest rate for loans above Rs.20 lakh and upto Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6.
For loans above Rs.30 lakh and upto Rs.75 lakh, salaried women under RG 1,2, and 3 enjoy an interest rate of 8.40% and salaried women under RG 4,5, and 6 can avail 8.45%. For other salaried individuals, the bank offers 8.45% for loans above Rs.30 lakh and upto Rs.75 lakh, salaried women under RG 1,2, and 3 and offer 8.50% for those who fall under RG 4,5, and 6.
Maxgain- Floating Interest Card Rate Home Loan for Salaried: For loans above Rs.75 lakh and upto Rs.3 crore
| Â | Women | Others |
|---|---|---|
| RG – 1, 2, 3 | 1 year MCLR+50 bps, ER:8.45% | 1 year MCLR+ 60 bps, ER:8.55% |
| RG – 4, 5, 6 | 1 year MCLR+ 55 bps, ER:8.50% | 1 year MCLR+ 65 bps, ER:8.60% |
Under Maxgain Floating Interest Card Rate Home Loan, salaried women enjoy 8.45% interest rate under RG 1,2, and 3 and 8.50% under RG 4,5, and 6 for loan above Rs.75 lakh and upto Rs.3 crore.
Other salaried individuals get 8.50% under RG 1,2, and 3 and 8.60% under RG 4,5, and 6 for loans above Rs.75 lakh and upto Rs.3 crore.
Maxgain- Floating Interest Card Rate Home Loan for Non-Salaried
| Â | Â | Women | Others |
|---|---|---|---|
| Loans above Rs.20 lakh and upto Rs.30 lakh | RG – 1, 2, 3 | 1 year MCLR+50 bps, ER:8.45% | 1 year MCLR+ 55 bps, ER:8.50% |
| RG – 4, 5, 6 | 1 year MCLR+ 50 bps, ER:8.45% | 1 year MCLR+ 55 bps, ER:8.50% | |
| Loans above Rs.30 lakh and upto Rs.75 lakh | RG – 1, 2, 3 | 1 year MCLR+60 bps, ER:8.55% | 1 year MCLR+65 bps, ER:8.60% |
| RG – 4, 5, 6 | 1 year MCLR+65 bps, ER:8.60% | 1 year MCLR+ 70 bps, ER:8.65% |
Under Maxgain Floating Interest Card Rate Home Loan, non-salaried women enjoy 8.45% interest rate on loans above Rs.20 lakh and upto Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6. For other individuals, the bank offers 8.50% interest rate for loans above Rs.20 lakh and upto Rs.30 lakh under RG 1,2, and 3 and RG 4,5, and 6.
For loans above Rs.30 lakh and upto Rs.75 lakh, non-salaried women under RG 1,2, and 3 enjoy an interest rate of 8.55% and non-salaried women under RG 4,5, and 6 can avail 8.60%. For other non-salaried individuals, the bank offers 8.60% for loans above Rs.30 lakh and upto Rs.75 lakh under RG 1,2, and 3 and offer 8.65% for those who fall under RG 4,5, and 6.
Maxgain- Floating Interest Card Rate Home Loan for Non-Salaried: For loans above Rs.75 lakh and upto Rs.3 crore
| Â | Women | Others |
|---|---|---|
| RG – 1, 2, 3 | 1 year MCLR+65 bps, ER:8.60% | 1 year MCLR+ 70 bps, ER:8.65% |
| RG – 4, 5, 6 | 1 year MCLR+ 70 bps, ER:8.65% | 1 year MCLR+ 75 bps, ER:8.70% |
Under Maxgain Floating Interest Card Rate Home Loan, non-salaried women enjoy 8.60% interest rate under RG 1,2, and 3 and 8.65% under RG 1,2, and 3 for loan above Rs.75 lakh and upto Rs.3 crore.
Other non-salaried individuals get 8.65% under RG 1,2, and 3 and 8.70% under RG 4,5, and 6 for loans above Rs.75 lakh and upto Rs.3 crore.
Owning a house is a smart investment and comes with great tax benefits. Explore Home Loans
Insta Home Top Up Loan: 60 bps above one year MCLR, ER: 8.55%
SBI charges an interest rate of 8.55% on their Insta Home Top Up Loan
| Â | RG-1, 2 ,3 | RG-4, 5, 6 |
|---|---|---|
| Term Loan upto Rs. 20 lacs | 1 year MCLR+40 bps, ER: 8.35% | 1 year MCLR+50 bps, ER: 8.45% |
| Term Loan above Rs.20 lakh upto Rs.1 crore | 1 year MCLR+60 bps, ER: 8.55% | 1year MCLR+70 bps, ER: 8.65% |
| Above Rs.1 crore and upto Rs.2 crore | 1 year MCLR+70 bps, ER: 8.65% | 1year MCLR + 80 bps, ER: 8.75% |
| Above Rs.2 crore and upto Rs.5 crore | 1 year MCLR+110 bps, ER: 9.05% | 1year MCLR + 120 bps, ER: 9.15% |
On term loans under Home Top Up Loans for salaried people, SBI charges 8.35% for term loan upto Rs.20 lakh under RG 1,2, and 3 and charges 8.45% under RG 4,5, and 6. For term loan above Rs.20 lakh upto RS.1 crore, SBI charges 8.55% under RG 1,2, and 3 and 8.65% under RG 4,5, and 6 for salaried individuals.
For term loan above Rs.1 crore and upto Rs.2 crore, SBI charges 8.65% under RG 1,2, and 3 and 8.75% under RG 4,5, and 6 for salaried individuals. For term loan above Rs.2 crore and upto Rs.5 crore, SBI charges 9.05% under RG 1,2, and 3 and 9.15% under RG 4,5, and 6 for salaried individuals.
| Â | RG-1, 2, 3 | RG-4, 5, 6 |
|---|---|---|
| Overdraft Above Rs.20 lakh and upto Rs.1 crore | 1 year MCLR+130 bps, ER: 9.25% | 1 year MCLR+140 bps, ER: 9.35% |
| Overdraft above Rs.1 crore and upto Rs.2 crore | 1 year MCLR+ 150 bps ER:9.45% | 1 year MCLR+160 bps, ER: 9.55% |
For Overdraft Top Up Home Loan above Rs.20 lakh and upto Rs.1 crore, SBI charges 9.25% under RG 1,2, and 3 and 9.35% under RG 4,5, and 6 for salaried individuals.
For Overdraft Top Up Home Loan above Rs.1 crore and upto Rs.2 crore, SBI charges 9.45% under RG 1,2, and 3 and 9.55% under RG 4,5, and 6 for salaried individuals.
| RG-1, 2 ,3 | RG-4, 5, 6 | |
|---|---|---|
| Term Loan upto Rs. 20 lacs | 1 year MCLR+50 bps, ER: 8.45% | 1 year MCLR+60 bps, ER: 8.55% |
| Term Loan above Rs.20 lakh upto Rs.1 crore | 1 year MCLR+70 bps, ER: 8.65% | 1year MCLR+80 bps, ER: 8.75% |
| Above Rs.1 crore and upto Rs.2 crore | 1 year MCLR+80 bps, ER: 8.75% | 1year MCLR + 90 bps, ER: 8.85% |
| Above Rs.2 crore and upto Rs.5 crore | 1 year MCLR+120 bps, ER: 9.15% | 1year MCLR + 130 bps, ER: 9.25% |
On term loans under Home Top Up Loans for non-salaried people, SBI charges 8.45% for term loan upto Rs.20 lakh under RG 1,2, and 3 and charges 8.55% under RG 4,5, and 6. For term loan above Rs.20 lakh upto RS.1 crore, SBI charges 8.65% under RG 1,2, and 3 and 8.75% under RG 4,5, and 6 for non-salaried individuals.
For term loan above Rs.1 crore and upto Rs.2 crore, SBI charges 8.75% under RG 1,2, and 3 and 8.85% under RG 4,5, and 6 for non-salaried individuals. For term loan above Rs.2 crore and upto Rs.5 crore, SBI charges 9.15% under RG 1,2, and 3 and 9.125% under RG 4,5, and 6 for non-salaried individuals.
| RG-1, 2, 3 | RG-4, 5, 6 | |
|---|---|---|
| Overdraft Above Rs 20 lacs and upto Rs.1 crore | 1 year MCLR+140 bps, ER: 9.35% | 1 year MCLR+150 bps, ER: 9.45% |
| Overdraft above Rs.1 crore and upto Rs.2 crores | 1 year MCLR+ 160 bps ER:9.55% | 1 year MCLR+170 bps, ER: 9.65% |
For Overdraft Top Up Home Loan above Rs.20 lakh and upto Rs.1 crore, SBI charges 9.35% under RG 1,2, and 3 and 9.45% under RG 4,5, and 6 for non-salaried individuals.
For Overdraft Top Up Home Loan above Rs.1 crore and upto Rs.2 crore, SBI charges 9.55% under RG 1,2, and 3 and 9.65% under RG 4,5, and 6 for salaried individuals.
| Tenor | Existing MCLR | Revised MCLR |
|---|---|---|
| Over night | 7.75% | 7.70% |
| One Month | 7.85% | 7.80% |
| Three Month | 7.90% | 7.85% |
| Six Month | 7.95% | 7.90% |
| One Year | 8.00% | 7.95% |
| Two Years | 8.10% | 8.05% |
| Three Years | 8.15% | 8.10% |
With non-banking finance companies (NBFCs) greatly affected by a series of debt repayment defaults by crisis-ridden debt IL&FS and its subsidiaries, the State Bank of India has proposed to bail out the liquidity-starved NBFCs by offering to buy quality assets worth Rs.45,000 crore from the NBFCs. SBI had earlier planned to invest Rs.15,000 crore to purchase assets from NBFCs, but now have stepped up the target for purchase up to Rs.45,000 crore as it believes that the move will improve the loan portfolio of the bank at good rates. This will also provide the NBFC sector with the liquidity the NBFC requires while expanding the loan portfolio of the banks.
11 October 2018
A month after the Reserve Bank of India raised its key repo rate for the second time in two month in its bi-monthly monetary policy review meeting, the State Bank of India has raised the Marginal Cost of funds based Lending Rates (MCLR) by 20 basis points (bps) or 0.2%. The lending rates or MCLR for overnight and one-month tenors have been raised by 0.2% from 7.9% to 8.1% while the MCLR for one-year tenor has been hiked by 20 basis points to stand at 8.45%. In case of three-year tenors, the MCLR rates have been increased by 0.2% to 8.65% from the previously set 8.45%. The new benchmark lending rates will be effective from 01 September 2018.
3 September 2018
The State Bank of India has decided to increase the MCLR rates for all tenures by 10 basis points which equates to a 0.10% increase effective from June 1, 2018. Increase in Marginal Cost of Lending Rate or MCLR would mean that the person applying for the home loan will have to pay a higher interest rate until SBI decides to decrease the margin on loans to negate it. The RBI is set to lay down its bi-monthly monetary policy on June 6. The MCLR rates have been increased for the second time in under a year. The last increase was made in March.
For the people who have already taken a home loan, the hike in the MCLR rates will change the EMI to be paid. It will depend on when the reset date is. A reset date is a point in time from when the interest rate is adjusted for the borrower which is usually 6 months or a year. The new EMI amount to be paid will be determined based on the margin that will come into effect from the reset date and the new MCLR rates set by the bank.
4 June 2018
The largest lender in the country, SBI (State Bank of India), has dropped their interest rates on home loans by 5 basis points to 8.30%. This is now the lowest rate of interest for housing loans in the country. The bank has also cut interest rates for auto loans, now offering them at 8.70%.
The slash in interest rates by SBI has caused other lenders to drop their lending rates as well. A statement made by SBI said that these rates were effective from the 1st of November, and the reduction in rates is a direct repercussion of the drop in MCLR (marginal cost of funds based lending rate) a few days earlier. Prior to this, the bank had previously cut MCLR by 0.9% on January 1st of this year.
The Managing Director of SBI, P.K Gupta said that the rate cut combined with the broad distribution of technological advancements enhances customer experience and is exactly what a retail borrower is looking for.
For all housing loans for salaried individuals up to Rs.30 lakh, the rate of interest would be 8.30% p.a. Besides this, an eligible housing loan borrower can avail a discount of Rs.2.67 lakh as per PMAY (Pradhan Mantri Awas Yojana) scheme.
For a borrower of an auto loan, an interest rate of anywhere between 8.70% and 9.20% applies. This is a slight reduction compared to the earlier interest rates, which ranged from 8.75% to 9.25%.
Other lenders and financial institutions too would drop their interest rates on loans as a direct effect of SBI lowering theirs. This competitive nature of the market is also a boon to the customer of loans as this will provide him/her with very low rates of interest, while also providing a consumer with the freedom of choice.
07 November 2017
SBI has reduced their housing loan interest rates to 8.30%. The slash in interest rates by SBI has caused other lenders to drop their lending rates as well. A statement made by SBI said that these rates were effective from the 1st of November, and the reduction in rates is a direct repercussion of the drop in MCLR (marginal cost of funds based lending rate) a few days earlier. Prior to this, the bank had previously cut MCLR by 0.9% on January 1st of this year.
3 November 2017
State Bank of India announced that there has been a reduction of 25 basis points in the housing loans. This has brought down the interest to 8.35% for all the new borrowers. According to the new scheme designed by the Government of India, loans worth Rs.30 lakh qualifies as affordable housing loans.
For all the male borrowers, the offer is valid till 31st of July, 2017. It is a limited period offer and there is a reduction of 20 bps. This information was stated by Rajnish Kumar, Managing Director of State Bank of India. For salaried women, reduction in rate will be 25% and for the non-salaried women, there will be a cut by 20 basis points. 100 basis points is equal to one percentage point. Rajnish Kumar added that people will be able to save an amount of Rs.530 on their monthly EMIs.
09 May 2017
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