|Processing Fees||Starts at 0.35% of the loan amount|
|Interest Rate||6.95% p.a. onwards|
|Maximum Tenure||30 years|
State Bank of India’s housing finance competitive in the market and it come with various fees and charges, one such is the SBI home loan processing fee.
|SBI Home Loans||Processing Fees|
|SBI Regular Home Loan||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Privilege Home Loan||Full Waiver|
|SBI Balance Transfer of Home Loan*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Shaurya Home Loan||Full Waiver|
|SBI NRI Home Loan*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Bridge Home Loan*||0.35% + Service Tax (Min. Rs.5,000)|
|SBI Flexipay Home Loan*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI CRE (Commercial Real Estate) Home Loan*||0.35% + Service Tax (Min. Rs.5,000)|
|SBI Pre-Approved Home Loan*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Smart Home Top Up Loan*||Rs.2,000 + Applicable GST|
|SBI Realty Home Loan*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Insta Home Top-Up Loan*||Rs.2,000 + Applicable GST|
|SBI Home Top-Up Loan*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Corporate Home Loan||0.50% + Applicable GST (Min. Rs.50,000 and Max. Rs.10 Lakh)|
|SBI Home Loan to Non-Salaried*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Earnest Money Deposit (EMD)||0.50% (Min. Rs.1,000)|
|SBI Tribal Plus*||0.35% + Service Tax (Min Rs.2,000 and Max Rs.10,000)|
|SBI Reverse Mortgage Loan||0.50% (Min. Rs.2,000 and Max. Rs.20,000)|
|SBI Loan Against Property*||1% + Service Tax (Max. Rs.50,000)|
|SBI YONO Home Loan||Rs.2,000 + GST|
In the floating interest case, the interest rate can increase or decrease due to market fluctuations, while in the fixed interest rate case, the interest rate remains the same is not affected by market conditions.
Housing loan interest rates are computed by banks on daily/monthly/yearly reducing balance method. SBI calculates housing loan interest rate based on the daily reducing balance method. Details of the types of interest rate calculation are listed below:
State Bank of India does not charge prepayment penalty on any of its housing loans to its customers.
A pre-EMI is the interest amount you’ll have to pay on the loan amount being disbursed during the progress of the construction of your home. After the possession of the flat/house, the actual EMI payment commences.
SBI has a special scheme known as ‘HER’ Ghar designed exclusively for women applicants, under which there’s a concessional interest rate of 0.05% per year subject to the below two criteria:
Below are the documents required to be submitted:
There are other charges apart from the processing fee and interest rate. These are:
Banks and lenders usually fund 75% to 85% (maximum of 90%) of the total value of the property being purchased, while the remaining amount is paid by the borrower upfront. This upfront payment is known as a down payment.
Under Section 80C of the Income Tax Act, you can claim tax deductions on the interest amount and the principal paid on the loan. While you can claim a maximum deduction of up to Rs.1.5 lakh on the principal amount being paid, it's up to Rs.2 lakh for the interest amount being paid. Additionally, you can claim a tax deduction for the stamp duty and registration charges which can be claimed only on the year the property is being registered.
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