A "low interest" loan shouldn't mean you have very little interest in paying it back!
A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 1 SBI Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.30% - 8.65% Floating
    ₹2,000 to ₹10,000 + applicable tax
    -
    1-30 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Good to Know
    Eligibility Criteria
    SBI Home Loan is Rated as "Great!" by 1124 Users
    Home Loan BYTES FROM OUR KITCHEN

    SBI Home Loan

    State Bank of India provides a range of home loan products to suit the individual needs and preferences of its customers. Various surveys and consumer awards have conferred the title of ‘The most preferred Home Loan Provider’, to SBI. Some of the best features that lend to the popularity of SBI home loans:

    With thousands of branches spread across various geographical locations has made SBI one of the most accessible banks to obtain a loan from.

    SBI Home Loan Interest Rates Updated on 21 Jan 2018

    SBI Home Loan Details
    Interest Rate For women - 8.30% to 8.6%
    For General Customers - 8.35% to 8.65%
    Processing Fees 0.35% of Loan Amount, min of Rs.2,000 to max of Rs.10,000 (plus applicable tax)
    Loan Tenure 30 years
    Pre-closure Charges Nil

    SBI Home Loan Current Updates

    Processing Fee Waiver Extended to End of March by State Bank of India

    State Bank of India is one of the top banks in this country. Recently, SBI extended the processing fee waiver offer till the end of March, 2018. This initiative is being seen as one of ways to increase the number of potential home purchasers. The base rate associated with State Bank of India home loans have also been reduced by 30 basis points. At present, the base rate offered by SBI housing loan stands at 8.65%. This reduction in the base rate will make things easier for more than 80 lakh home loan customers. The bank has announced the processing fee waiver on both auto loans and home loans in August, 2017.

    Home Loans Will Be Impacted As SBI Cuts Their Lending Rates - Nov 1, 2017

    The leading public sector bank in India, State Bank of India has reduced their lending rates across all maturities by 5 bps or 0.05% p.a. It is notable that this is the first time that SBI has reduced their Marginal Cost of Lending Rate(MCLR) in the last 10 months. This drop in lending prices is also the first drop after the bank got their new Chief, Rajnish Kumar.

    The new MCLR for SBI is as follows:

    • Going forward the overnight MCLR will be 7.70% which was 7.75% previously.
    • The MCLR for 1, 3, and 6 months will be 7.8%, 9.85%, and 7.9% respectively.
    • The MCLR for one year maturity will be 7.95%.
    • The MCLR for two years will be 8.05%.
    • The MCLR for three years will be 8.1%.

    This drop in MCLR by SBI will have an impact on home loans too. Going forward, home loan interest rates for women will be 8.3% which was 8.35% previously. For other home loan applicants, the interest rate will be 8.35% which was 8.4% previously.

    Following the rate cut by SBI, The Reserve Bank of India is expecting many other banks to lower their lending rates which will help boost credit growth in India.

     

    Significant Features of SBI Home Loans:

    • Lower interest rates as compared to other contemporary banks
    • Low processing fees
    • No hidden charges or administration fees
    • Nil pre-closure charges making repayment easier and more flexible
    • A huge network of branches across the nation making it convenient to visit a SBI branch
    • Exclusive packages depending upon individual needs of customers
    • Interest is calculated on daily reducing basis which lowers the overall interest paid

    SBI Home Loan Eligibility Criteria:

    • Salaried
      • The age of the applicant must be between 18 years and 70 years.
      • The annual income must be atleast Rs.1.2 lakh per annum.
    • Self-Employed
      • The age of the applicant must be between 21 years and 70 years.
      • The annual income must be atleast Rs.2 lakh per annum.

    Documents Required Applicable to All Loan Seekers:

    • Duly filled loan application
    • 3 passport-size photographs
    • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
    • Proof of Residence (Current Address Proof)
    • Bank Statement for last 6 months
    • Personal assets and liabilities declaration
    • Proof of property
    • Income Tax Proofs (If required)
    • Signature Identification from present banker

    Documents Required for Guarantor:

    • Assets and liabilities Statement
    • 2 passport-size photographs
    • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
    • Address Proof (Telephone Bill/Electricity Bill/Property Tax Receipt/Passport/Voter ID Card)
    • Signature Identification from present banker

    SBI Bank Home Loan Interest Rate:

    SBI Home Loan not only offers attractive benefits and terms for its home loan options but the bank also offers low competitive rates on its home loan. As of 2017, the interest rate for SBI home loan. The above mentioned rates are irrespective of the loan amount.

    As of December, 2017, the applicable interest rate for SBI home loan 8.30% to 8.65% for women and 8.35% to 8.70% for general customers . The above mentioned rates are irrespective of the loan amount.

    Apply for Home Loan Online

    Pradhan Mantri Awas Yojana By SBI Bank

    The Government of India aims at making Housing affordable for all by 2022. The initiative has already been taken to provide homes to the lower and middle class people in India. The bank claims to offer the lowest rates of interest with their home loans.

    Qualified Loans Under the Scheme:

    The Government of India has stated that all loan amounts that are less than Rs.30 lakh are eligible under this scheme.

    SBI PMAY Rates of Interest for the New Borrowers:

    The male borrowers can avail a rate of 8.40%. They can avail a reduction of approximately 20 basis points. As per the new rates, the female borrowers can avail a reduction of around 25 basis points. Interest rate will remain the same for both salaried and non-salaried male borrowers.

    Benefits of PMAY Scheme:

    After an individual takes a home loan from the State Bank of India, he/she must fill up the Pradhan Mantri Awas Yojana form. The processing will be taken care of by the bank. In case the individual is eligible under the scheme, interest subsidy will be credited to his/her bank account. As per the individual’s economic condition, he/she can apply for 3%, 4% or 6.5% interest subsidy.

    SBI Home Loan Schemes:

    SBI offers a wide range of home loan products to its customers. You can choose the best home loan scheme that suits your budget and requirement. SBI home loans come with exclusive packages and benefits to cater to the home finance needs of all its customers. Following are some of the home loan options available from SBI.

    SBI MaxGain Home Loan:

    The SBI MaxGain home loan aims to enable its customers to reduce their interest burden at no extra cost. This home loan acts as an overdraft account too, giving the customer privilege to withdraw and deposit amounts depending upon their cash availability. Bank provides internet banking and cheque book facility with this home loan. Excess funds when parked with this account impact the overall principal and the associated interest. Also, a customer can choose to withdraw amount from the linked account in case of excess parked funds.

    Features:

    • Min. Loan Amount – 5 lacs
    • Max. Loan Amount – No upper limit
    • Interest Rate – 0.25% over and above the existing home loan interest
    • Higher Liquidity, Savings on total interest paid
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI Yuva Home Loan

    The SBI Yuva home loan is tailored especially for individuals who are young and generally taking loan for their first home. The age eligibility is between 21-45 years. This loan grants an amount which is 20% over and above the regular loan amount. This home loan is ideal for fresh professionals and government employees. Under this scheme the home loan full repayment starts only after 36 month from the date of availing the loan. For the first 36 months only interest needs to be repaid.

    Features:

    • Eligibility – 21-45 years
    • Minimum Income – Rs.30,000 per month
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI NRI Home Loan

    As the name itself suggests, the NRI loan is tailored for Non-Resident Indians (NRIs) and for People of Indian Origin (PIOs). This loan is given to an individual who earns a regular income and whose minimum employment period (in India or abroad) is not be less than 2 years.

    Features:

    • Min. Loan Amount – 3 lacs
    • Max. Loan Amount – No upper limit
    • Eligibility – NRI or PIO
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI Realty Home Loan

    The SBI Realty home loan is for people who want to buy land or plot. The construction should commence within 2 years from the sanction date of the loan. This type of loan comes with the flexibility of availing another loan for construction purposes on the land bought. So a customer is entitled to avail two simultaneous loans on the SBI realty home loan.

    Features:

    • Max. Loan Amount – 15 crores
    • Loan Tenure – Up to 15 years
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI PAL

    SBI PAL home loan is a Pre-Approved Home Loan from State Bank of India. This loan does not depend upon the property to be bought. SBI grants its customers the freedom to avail the loan amount before deciding upon the property. This gives customers the needed confidence to negotiate boldly with builders/sellers regarding the price of the property.

    Features:

    • Eligibility – Depends on the annual income of the applicant
    • Tenure – Pre-Approved Letter of arrangement is valid for a period of 4 months
    • Min Loan Amount – 10 Lacs
    • Max Loan Amount – No upper limit
    • Pre-closure Charges - Nil
    • Interest Rate – Floating 10.15%

    SBI Her Ghar Home Loan

    SBI Her Ghar home loan scheme designed especially for women applicants. A woman needs to be the sole applicant or the primary applicant for this type of home loan. Also, the property for which home loan is being taken should be in the name of the woman applicant or she should be the primary owner in case it of joint ownership. This home loan scheme by SBI aims at enabling women to own property and carries a social obligation in line with the empowerment of women.

    Features:

    • Loan Tenure – 30 years
    • Interest Rate – 9.40%
    • Pre-Payment Charges – Nil

    More Housing Loans from SBI:

    Apart from the above listed regular home loan schemes by State Bank of India, there are several other options also which aim to uplift people from tribal and village areas of the nation. These schemes are in line with the organization’s commitment towards comprehensive nation building.

    Here are a few such housing schemes offered by SBI-

    SBI Tribal Plus:

    Tribal Plus housing loan from SBI is meant for customers who are from tribal areas or hilly regions where mortgage of property is not available. The loan is provided for construction of a new house or flat and for purchase of a new house. Under this scheme SBI also provides an option of taking loan for the purpose of renovation or repair.

    Features:

    • Min. Amount – nil
    • Max. Amount- 10 lacs
    • Repayment Period – up to 15 years

    GRAM NIWAS:

    The Gram Niwas scheme from State Bank of India is aimed at providing housing finance to the customers from rural regions of the nation. This housing plan covers people from rural or semi-urban regions which have a population of less than 50,000 as per the 2001 census. Under this scheme, home loans can be availed for buying of land or house, renovation and repair of house and construction of house.

    Features:

    • Min. Amount – nil
    • Max. Amount- 5 lacs
    • Repayment Period – up to 15 years

    SAHYOG NIWAS:

    Sahyog Niwas scheme aims to provide home loans to self-help groups which have a good credit history. The bank lends to members of these groups under this scheme for purposes of buying of land or house and construction, repair or renovation.

    Features:

    • Min. Amount – nil
    • Max. Amount- 50,000 per person of the self-help group

    SBI Home Loan FAQ section

    1. How can I decide which SBI home loan fits my requirement?

      BankBazaar gives you the option of comparing home loan schemes and an online EMI calculator to help you plan your finances well in advance before availing a home loan.

    2. What are the various interest rates offered on home loans?

      Interest rates vary with respect to the subscribing customer being a woman or otherwise. In the former case, the rate stands at 9.35% p.a while other customers are charged a interest rate of 9.40% p.a. These rates are irrespective of the actual loan amount.

    3. What is the processing fee charged by SBI for home loans?

      SBI charges a low processing fee for its home loans. Upto 0.35% of the loan amount is charged. The amount can be maximum of Rs.11,500

    4. Can I pay off my SBI home loan earlier than the initial tenure?

      Yes. You can pay off your SBI home loan earlier too, without a pre-payment penalty fee.

    5. Is there any security required for the SBI home loan?

      Usually, the property that is purchased using the loan serves as the security. In some cases it is at bank’s discretion to ask for additional securities like insurance policies, fixed deposits etc.

    6. Is a guarantor required to sign my loan application?

      Yes. A guarantor with all the valid and required documents need to sign your loan application.

    7. What kind of job makes me eligible for SBI home loan?

      You can either be a salaried employee or self-employed for obtaining this loan. However, the only condition is that you should be earning a regular income and should be able to furnish proofs of the same.

    8. Can joint-applications be made for SBI Home Loans?

      Yes. Joint applicants are welcome at SBI.

    9. Are there any tax benefits associated with SBI home loan?

      Yes. Tax rebate under section 80C of the Income Tax Act is applicable.

    10. Are long-term home loans beneficial or short-term loans?

      Long-term loans are beneficial in giving you the option and comfort of lower EMIs , however, short-term loans mean higher EMIs but lesser interest. A borrower can choose the option depending upon his financial status.

    11. How long does it take for my loan to get sanctioned?

      If all the required documents are in place then your SBI home loan can be sanctioned in a few days.

    12. Where can I apply for SBI home loan?

      With a network of over 17000 branches in India, SBI home loans can be applied at any of your nearest bank branch.

    Before you apply for the loan, Check your CIBIL Score for SBI Home Loan

    SBI Home Loan Reviews

    • SBI Home Loan
      "Better"
      0.5 4.0/5 "Great!"
      I have my home loan with SBI which is taken through the online portal. The loan amount was 2 2lakhs and the tenure period was 2 years . The process was very simple and hassle free . They have provide door step service for collecting documents , The loan processing fee was nominal. Therefore I would conclude stating that the overall experience which I had with them was very good.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Jan 17, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken home loan from SBI and it was a very good loan experience. The loan amount was for Rs 44 lakhs with the rate of interest of 8.65% which is nominal when compared to all other banks. The process was quite long and it took 2-3 weeks to receive the loan amount. Customer service was good and they responded on time. The tenure of this loan is 30 years and it was overall a good service from SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2018
    • SBI Home Loan
      "Call support needs to be improved "
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with State Bank of India. I have completed one and taken a new loan recently. They need to improve the customer service. The rate of interest was best. The documents are collected at doorstep by the executive. They have disbursed my loan on time.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 10, 2018
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home loan with State bank of India.They have given a loan amount of 30 lakhs,rate of interest is low as compared to others.The tenure is for five years.they had processed the loan within a months time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 06, 2018
    • SBI Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience with State bank of India home loan service,they offered me a rate of interest of 8.4 which was fine compared to others in the market. The documents where collected from my door step which was a easy process it was a good service from State bank of India home loan service.
      Was this review helpful? 9
      , lucknow
      Reviewed on Dec 28, 2017
    • SBI Home Loan
      "Good One"
      0.5 5.0/5 "Blown Away!"
      The customer service was good from STATE BANK OF INDIA . The SBI bank gave me a full approval on the amount i asked for .The money got disbursed in 15 working days of time . The Rate of interest was 8.35% they charged and the processing fee was 0 that was one good thing i loved . The Pre closure and part payment is there availed to me with no extra charges .
      Was this review helpful? 5
      , kolkata
      Reviewed on Dec 27, 2017
    • SBI Home Loan
      "Average service"
      0.5 2.0/5 "Expected more"
      I have applied for Home Loan with Sbi but the required loan was not approved and they haven't approved the home loan application because of the higher loan amount . They took too much of time to disburse the loan and they will not give response on time.
      Was this review helpful? 5
      , vijayawada
      Reviewed on Dec 26, 2017
    • SBI Home Loan
      "Average"
      0.5 4.0/5 "Great!"
      Previously I had a saving account with SBI. I have taken a home loan with them. I have chosen floating option for the rate of interest, whenever it goes down they don't it automatically but I need to call them many times to get this offer. The home loan has been closed before 3 months.
      Was this review helpful? 2
      , noida
      Reviewed on Dec 26, 2017
    • SBI Home Loan
      "WONDERFUL SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was a full approval the STATE BANK OF INDIA gave me on the Home loan i took from there ,The money got disbursed within 25 working days . The Rate of interest was 8.25% fixed that they charged . The Processing fee there they took of 5K . The Per closure option not there .
      Was this review helpful? 3
      , nasik
      Reviewed on Dec 22, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had a Home loan with State Bank of India before 6 years. It was a pretty good experience. I hardly visit the branch and everything was good with them. The rate of interest was nominal and there is no processing fee. They offered me a very good interest for my home loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Dec 21, 2017
    • SBI Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a Home loan with Sate Bank of India.The loan amount is 16 lakhs,rate of interest is 9.7% is nominal as compared to other banks.They have deducted processing fees if .5% from the principle amount.The payment is don't through online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 19, 2017
    • SBI Home Loan
      "Best banking"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home loan with State Bank of India.The loan amount is eight lakhs,rate of interest is 8.65% the loan is closed, i got the best service from them.The tenure is for 5 years.They have deducted processing fees of 8000.I am happy banking with them.
      Was this review helpful? 4
      , ahmedabad
      Reviewed on Dec 19, 2017
    • SBI Home Loan
      "Housing loan with SBI"
      0.5 4.0/5 "Great!"
      I have taken a housing loan from State bank of India. The approved loan amount was 24 lakhs. The rate of interest was 9.25 %. And the interest rate is variable. The monthly EMI comes around 20100 for 30 years. The documentation was good. The processing fees was 1600 rupees.
      Was this review helpful? 1
      , thane
      Reviewed on Dec 19, 2017
    • SBI Home Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have my home loan with SBI 13 Years . The loan amount was 8 lakhs and the tenure period was 20 years. The loan process was very easy and they have provided door step service for collecting documents o My overall experience was good so I would like to recommend to others.
      Was this review helpful? 4
      , new delhi
      Reviewed on Dec 15, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan with State Bank of India.The loan amount is 22 lakhs,rate of interest is competitive.The tenure is for 20 years.They had deducted processing fees of 1% from the principle amount.The net banking is good to transfer funds and easy to operate.
      Was this review helpful? 4
      , kochi
      Reviewed on Dec 13, 2017
    • SBI Home Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from State Bank of India and the customer services are good. The process was very much on time and the documentation was also pretty easy. The interest rate and processing charges is normal and overall I had no issues to get my loan through.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Dec 13, 2017
    • SBI Home Loan
      "Need to improve"
      0.5 1.0/5 "Really Bad"
      I have taken the home loan with the State bank of India and the customer service is not really good one, also am not at all happy on it because they have not shared about the tax returns. Reaching them is really difficult.
      Was this review helpful? 5
      , bangalore
      Reviewed on Dec 13, 2017
    • SBI Home Loan
      "Faster service"
      0.5 5.0/5 "Blown Away!"
      Earlier SBI have offered 8.5% interest rate and later it was changed around 11%. It is a floating account for home loan. Whenever rate of interest decreases they should decrease the amount and there should be proper intimation. The process was faster and the disbursement was on time. The payment mode is convenient.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 09, 2017
    • SBI Home Loan
      "Good Loan"
      0.5 5.0/5 "Blown Away!"
      I took this Loan as a Co-applicant with my Father. The process of getting the Loan was very slow, the documentation process was a little confusing. Their Rate of Interest of 8.45% is one of the best that I have seen. The overall experience with it has been good.
      Was this review helpful? 2
      , junagadh
      Reviewed on Dec 07, 2017
    • SBI Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have my home loan with SBI 10 years back . The loan amount was 3,50,000 and the interest rate was 11.63% which was bit high in the market . The tenure period was 20 years . The loan process was very easy here.There is no processing fee also. My overall expererenc was good.
      Was this review helpful? 7
      , godhra
      Reviewed on Dec 05, 2017
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