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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
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    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 Nov 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

    SBI hikes MCLR by 5 basis points across various tenures

    The State Bank of India (SBI) has hiked Marginal Cost of funds based Lending Rate (MCLR) by 5 basis points (bps) or 0.05% across tenures ahead of the Reserve Bank of India’s (RBI) fouth bi-monthly monetary policy review later during the week. The new rate will be effective from 01 October 2018. New home loan borrowers will have to pay a higher rate on their housing loans while existing customers can continue paying the same rate until the reset clause is specified. The RBI is expected to hike the benchmark key repo rate for the third consecutive time in its monetary policy review in order to counter the inflation crisis amid the losing rupee and rising crude prices. The key repo rate has been hiked by a total of 50 basis points in the previous two policy meetings. SBI’s one-year MCLR on which the bank’s housing loans are benchmarked has gone up to 8.50%.

    SBI proposes to buy good assets worth Rs.45,000 crore from NBFCs

    In order to bail out liquidity-starved non-banking finance companies (NBFCs) that are affected by various debt repayment defaults by crisis-burden IL&FS and its subsidiaries, State Bank of India (SBI) has offered to buy well-performing assets worth Rs.45,000 crore from NBFCs. According to sources, SBI believes that the purchase would make a good investment to expand its loan portfolio at good rates. This will not only benefit the SBI sector with banks getting a good loan portfolio but also the NBFC sector with the required liquidity on its assets.

     

    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 21 Nov 2018, the applicable interest rate for SBI home loan 8.30% to 8.60% for women and 8.35% to 8.65% 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
    Home Loan - Sitemap

    SBI Home Loan Reviews

    • SBI Home Loan
      "Very good service"
      0.5 4.5/5 "Excellent!"
      I have taken a home loan with SBI and my experience was good, the loan amount was for Rs 50 lacs with nominal interest rate when compared to others. I received my loan amount within 2 weeks. The tenure period for this loan is 20 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 20, 2018
    • SBI Home Loan
      "Need to improve the customer care"
      0.5 4.0/5 "Great!"
      They are not good in their customer support. The rate of interest is more when i compared with other banks. I have taken the home loan in 2012. Its not easy to get a loan from SBI. I have purchased the loan amount of Rs. 5 lakhs and they have given the interest rate of 10.25% when i purchase the loan now they have changed upto 9.25%. If i want to get any information about the loan, in the customer care, its taking more time consumption or else i have to visit the home branch and the repsonse was not upto the mark.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 16, 2018
    • SBI Home Loan
      "Good experience"
      0.5 3.5/5 "Pretty good"
      I have taken a home loan with SBI and my experience was good, the loan amount was for Rs 33 lacs with nominal interest rate when compared to others in the market. Customer service was good and there are too many hidden charges. The tenure period for this loan is 30 years.
      Was this review helpful? 1
      , kolkata
      Reviewed on Nov 16, 2018
    • SBI Home Loan
      "Not satisfied with the service"
      0.5 1.0/5 "Really Bad"
      The experience with this home loan has not been good where the process has taken more time than usual. But they had been having the best interest rate, the charges which they had been making has been very high. Especially the check bounce charges has been high.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 13, 2018
    • SBI Home Loan
      "Happy with the interest rate and home product"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in State Bank of India. It is good and satisfied with the interest rate. They are charged around 9% for the home loan. The loan duration is 10 years and I have completed almost 7.9 years. I took a loan in 2010. There are no charges for the foreclosure.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 13, 2018
    • SBI Home Loan
      "Recommendable bank for home loan "
      0.5 5.0/5 "Blown Away!"
      As per market rates, SBI home loan is best. Till now i have not faced any problems with SBI. I have not contacted their customer care service because of the SBI branch is next to my office. The branch response is absolutely fine. In the current scenario they are charging very good interest rates. I have chosen SBI because its a nationalized loan and i can able to choose the long time credibility and the rate of interest is very low.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 13, 2018
    • SBI Home Loan
      "Good "
      0.5 4.0/5 "Great!"
      The interest rate is very less when I compared to other banks. I have purchased a residential home. SBI has provided they required amount. The customer service and response is good. I have taken of 20 years and need to pay 27K for a month. There is an option for pre closure but I didn't apply for it.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 10, 2018
    • SBI Home Loan
      "Can be Quick"
      0.5 2.5/5 "Just OK"
      I was looking for a Home loan and as i hold an account with SBI , i applied through SBI. It took almost 4 months to get processed. But apart from that i am satisfied with its services. The interest rates here are much reasonable compare to Other banks.
      Was this review helpful? 3
      , pune
      Reviewed on Nov 08, 2018
    • SBI Home Loan
      "Good Financial service"
      0.5 4.0/5 "Great!"
      I got my housing loan from State bank of India . Am satisfied with rate of interest which is promising one The customer service and response is good. It took 10 days for the documentation and approval process.I am making the payments through Ecs process.
      Was this review helpful? 4
      , bangalore
      Reviewed on Nov 04, 2018
    • SBI Home Loan
      "Bad service"
      0.5 1.0/5 "Really Bad"
      I have been holding my home loan with State bank of India, there service is not up to the mark, there rate of interest and processing fee is too high and i loan amount as i expected they have given too low and even customer support team is not good they are not responding about interest rate or any query they didn't kept there words .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Nov 01, 2018
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a home loan from the STATE BANK OF INDIA . The application process and the documentation was smooth and hassle free. They provide nominal rate of interest . Everything was good, be it the Customer support or the application process. So far it is good .
      Was this review helpful? 3
      , hyderabad
      Reviewed on Oct 31, 2018
    • SBI Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      The experience with this loan has been good and the loan amount which they had provided has been satisfactory as well. They had an interest rate of 8.75% which has been nominal when compared with the market rate. But they had increased it recently before closing it and they had made some additional charges of 3500.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 31, 2018
    • SBI Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      The experience in getting my Home Loan has been good and the loan amount which they had provided has been satisfactory as well. The interest rate with them has been very much nominal when compared with the market rate. There has not been any additional charges which they had taken and their staffs had been helpful as well.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 31, 2018
    • SBI Home Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I got my home loan from State bank of India . Am satisfied with rate of interest which is promising one with nominal processing fees. The customer service and response is good. It took few days for the documentation and approval process . My payments gets auto debits from the account
      Was this review helpful? 10
      , coimbatore
      Reviewed on Oct 15, 2018
    • SBI Home Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I am using the housing loan from STATE BANK OF INDIA last 5 years. The process is not quick and it took 1 month to approve of the loan but they approved sufficient amount of loan. The service is good also the rate of interest is floating interest of 9%.
      Was this review helpful? 8
      , chennai
      Reviewed on Oct 11, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan with SBI and my experience was good, the process was smooth and i received my loan amount on time. Rate of interest was nominal when compared to other banks. Customer service was good with SBI and their follow up was very good.
      Was this review helpful? 5
      , navi mumbai
      Reviewed on Oct 08, 2018
    • SBI Home Loan
      "Good Banking Service"
      0.5 4.0/5 "Great!"
      Rate of interest is bit high compared to other bank , They took time like 1 month for there processing and approval . They have charges some nominal fees for the housing loan approval and documentation . Am pretty much satisfied with the customer service
      Was this review helpful? 7
      , hyderabad
      Reviewed on Oct 02, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan with SBI and my experience was good, the ;loan amount was for Rs 20 lacs with nominal interest rate when compared to others. Customer service was good and they followed up on time. The tenure period for this loan is 25 years.
      Was this review helpful? 5
      , ahmedabad
      Reviewed on Oct 02, 2018
    • SBI Home Loan
      "Best Housing Loan"
      0.5 5.0/5 "Blown Away!"
      I have housing loan in SBI, they offered me 8.35% of interest its good. I took the home loan amount of Rs. 33 lakhs for the tenure period of 20 years. I would say its a best nationalized home loan, but customer service need to be improved on documentation process.
      Was this review helpful? 5
      , pune
      Reviewed on Sep 29, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan with SBI and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 20 years.
      Was this review helpful? 6
      , new delhi
      Reviewed on Sep 26, 2018
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