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  • SBI Home Loan

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  • State Bank of India offers attractive interest rates on home loans starting at 8.20% p.a. The loan tenure can be extended up to 30 years, ensuring a comfortable repayment period. The processing fee on these loans is 0.35% of the loan amount (Min. Rs.2,000; Max. Rs.10,000) plus applicable taxes. Women borrowers are also offered an interest concession of 0.05% on SBI Home Loans. No hidden charges and a full waiver of prepayment charges make them one of the most preferred housing loan products in the country.

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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
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    SBI Home Loan Details

    SBI offers myriad home loan products including home loans for residents, NRIs, top-up loans, balance transfer, pre-approved loans, bridge loans, and more. Women borrowers are offered a concession of 0.05% on the interest rate.

    EBR 8.05%
    Loan Amount Based on eligibility
    Processing Fees 0.35% - 1% of loan amount + service charge (min. Rs.2,000; max. Rs.10,000 – Rs.50,000); Full-fee waiver on certain home loans
    Penal Interest Rate 2% over the applicable interest rate on the overdue amount
    Prepayment/Foreclosure Charges Nil
    Max Tenure 30 Years
    Rate Packages Available Floating

    To know more about the processing fees for specific home loan products, check out SBI Home Loan Processing Fees.

    SBI Home Loan Interest Rates Oct 2019

    SBI offers floating-rate packages on their home loans. SBI interest rates are pegged to floating interest card rate which currently stands at 8.05% (Updated on 01.10.2019). The rates vary based on employment type: salaried or self-employed. Women borrowers could enjoy lower rates.

    SBI Home Loan Schemes Interest Rate for Salaried Interest Rate for Self-Employed
    SBI Home Loans (Term Loan) 8.20% p.a. – 8.55% p.a. 8.35% p.a. – 8.70% p.a.
    SBI MaxGain (Floating Interest Card Rate) 8.35% p.a. – 9.90% p.a. 8.50% p.a. – 9.10% p.a.
    SBI MaxGain (Above Rs.3 crore) 9.10% p.a. – 9.25% p.a. 9.30% p.a. – 9.45% p.a.
    SBI Insta Home Top Up Loan 9.15% p.a. 9.15% p.a.
    SBI Home Top Up Loan* without mortgage extension 9.15% p.a. 9.65% p.a.
    SBI Home Top Up Loan* with mortgage extension 8.60% p.a. – 11.15% p.a. 8.75% p.a. – 11.40% p.a.
    SBI Smart Home Top-Up Loan (Term Loan) 9.15% p.a. 9.65% p.a.
    SBI Smart Home Top-Up Loan (Overdraft) 9.65% p.a. 10.15% p.a.
    SBI Home Top Up Overdraft Loan 9.85% p.a. – 9.15% p.a. 8.95% p.a. – 9.25% p.a.
    SBI CRE Home Loan 50 bps above Home Loan (Term Loan/Overdraft) -
    SBI Earnest Money Deposit 11.55% p.a. -
    SBI Tribal Plus/CRGFT 10 bps above Floating Card Interest Rates -
    SBI Reverse Mortgage Loan 9.15% p.a. – 10.15% p.a. -
    SBI Bridge Home Loan First year: 10.60% p.a.; Second year: 11.60% p.a. -

    * Excluding Insta Home Top Up Loan

    Compare Best SBI Home Loan Offers

    1. SBI Regular Home Loan
      • 0.05% lower interest rate for women
      • Zero charges on pre-payments
      • Available for applicants aged between 18 and 70
      Interest rate for men 8.40% onwards
      Interest rate for women 8.25% onwards
      Processing fee 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
    2. SBI Flexipay Home Loan
      • Choice to repay just the interest component during the pre-EMI period
      • Step-up EMIs in the following years
      • 20% improvement in home loan eligibility for younger professionals
      Interest rate for men 8.30% onwards
      Interest rate for women 8.25% onwards
      Processing fee 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
    3. SBI Privilege Home Loan
      • Curated for central and state government employees
      • Discount on interest rates if check-off is given
      • No processing fee
      Interest rate with check-off 8.40% onwards
      Interest rate without check-off 8.45% onwards
      Processing fee NIL
    4. SBI Shaurya Home Loan
      • Specifically for Defence personnel and the Armed Forces
      • Lower interest rates and longer tenure options
      • No processing fee
      Interest rate with check-off 8.40% onwards
      Interest rate without check-off 8.45% onwards
      Processing fee NIL
    5. SBI Tribal Plus
      • Specially for people living in tribal areas or hilly areas
      • Repayment tenure of a maximum of 15 years
      • Land mortgage not required; third-party guarantor allowed
      Applicant category Interest rate (p.a.) Processing fee
      Male 8.55% onwards 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      Female 8.50% onwards
    6. SBI Home Loan to Non-Salaried Differential offerings
      • Exclusive scheme for individuals who have an income but do not earn a monthly salary
      • Special offers on loans for buying a new residential unit, constructing a house, renovating or repairing your house, or transferring your loan from another bank
      • Available for proprietors, partners, and directors of companies as well
      Applicant category Interest rate (p.a.) Processing fee
      Male 8.70% onwards 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      Female 8.55% onwards
    7. SBI Pre-Approved Home Loan (PAL)
      • Loan sanctioned before a property is finalised
      • Gives you more negotiating power with the seller or builder
      • Benefits similar to that of the SBI Regular Home Loan
      Applicant category Interest rate (p.a.) Processing fee
      Salaried male 8.55% onwards 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      Non-salaried male 8.60% onwards
      Salaried female 8.40% onwards
      Non-salaried female 8.55% onwards
    8. SBI Bridge Home Loan
      • Meant for people who are selling one property and buying another
      • Helps cover for lack of funds in buying a new house while you’re waiting for the sales proceeds of your existing property
      • Repayment tenure of up to 2 years
      Year Interest rate (p.a.) Processing fee
      1 10.60% 0.35% of the loan amount (min. Rs.5,000)
      2 11.60%
    9. SBI Earnest Money Deposit (EMD)
      • Funds to pay the advance amount for booking a house or plot
      • Can only be taken to pay booking amount for houses/plots sold by urban development authorities, housing boards, and other government entities
      • Short-term loans of 1 year
      Applicant category Interest rate (p.a.) Processing fee
      All 11.65% (1Y MCLR+3.4%) 0.5% of the loan (min. Rs.1,000)
    10. SBI NRI Home Loan
      • Specifically for Non-Resident Indians (NRIs) to buy a house in India
      • Discount on interest rate for women applicants
      • No extra fees or interest rates when compared with Regular Home Loan
      Applicant category Interest rate (p.a.) Processing fee
      Salaried male 8.45% onwards 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      Non-salaried male 8.60% onwards
      Salaried female 8.40% onwards
      Non-salaried female 8.55% onwards
    11. SBI Realty Home Loan
      • Meant for purchase of a plot of land to construct your own house
      • Borrowing limit of up to Rs.15 crore with repayment tenures of up to 10 years
      • Option to take a separate SBI home loan for the actual construction
      Applicant category Interest rate (p.a.) Processing fee
      Male 8.90% onwards 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      Female 8.85% onwards
    12. SBI Corporate Home Loan
      • Exclusively for corporates to construct or buy houses for their employees
      • Available for both public limited and private companies
      • Also available for balance transfer of housing loans from one bank to another in the name of a company
      CRA (Cost Records and Audit) Interest rate (p.a.) Processing fee
      Small Business (SB)-1 & SB-2 9.20% 0.5% of the loan amount (min. Rs.50,000; max. Rs.10 lakh)
      SB-3 to SB-5 9.70%
      SB-6 to SB-8 10.20%
      SSB-9 & SB-10 10.95%
    13. SBI Commercial Real Estate (CRE) Home Loan
      • Curated scheme for people who already own 2 or more houses and want to buy more
      • Max. 3 houses can be bought under this scheme
      • Benefits such as lower interest rate for women and overdraft facility available
      Applicant category Interest rate (p.a.) Processing fee
      Salaried male 8.95% onwards for Term Loan 9.10% onwards for Overdraft 0.35% of the loan amount (min. Rs.5,000)
      Salaried female 8.90% onwards for Term Loan 9.05% onwards for Overdraft
      Non-salaried male 9.10% onwards for Term Loan 9.40% onwards for Overdraft
      Non-salaried female 9.05% onwards for Term Loan 9.35% onwards for Overdraft
    14. SBI Loan Against Property (P-LAP)
      • Pledge your property as collateral to get money for personal needs
      • No pre-payment fee
      • Available only for personal purposes and not for business needs
      Applicant category Interest rate (p.a.) Processing fee
      Salary income of over 50% of net monthly income 9.90% onwards 1% of the loan amount (max. Rs.50,000)
      Professional/business/rental income of over 50% of net monthly income 10.00% onwards
    15. SBI Reverse Mortgage Loan
      • Specifically for senior citizens with a property owned or occupied by them
      • Helps generate or supplement income after retirement
      • Loan need not be repaid during the borrower’s lifetime
      Applicant category Interest rate (p.a.) Processing fee
      SBI Pensioners 9.15% onwards (1Y MCLR+1%) 0.50% of the loan amount (min. Rs.2,000; max. Rs.20,000)
      Others 10.15% onwards (1Y MCLR+2%)

    Other Housing Loans Offered by State Bank of India

    • SBI Home Top Up Loan:Additional loan amount over the existing home loan. Interest rates range from 8.60% to 11.15% p.a.
    • SBI Smart Home Top Up Loan:Top-up on home loans by just visiting the closest branch or RACPC (Retail Assets Central Processing Centre). Interest rates range from 9.15% to 9.65% p.a.
    • SBI Insta Home Top-Up Loan:Home loan top-ups through net banking available for selected customers. Interest rates range from 9.25% p.a.
    • SBI Maxgain:Overdraft version of home loans instead of a term loan; allows you to repay through EMIs, with overdraft drawing power reducing with each payment.
    • SBI Green Home Loan:Perks for individuals who buy “green homes” in projects that use renewable energy and have low carbon emissions.
    • SBI Pre-EMI Interest by Builders Scheme:Builders registered under the bank’s Builder Tie Up arrangement pay the buyer’s pre-EMIs at a fixed interest rate.

    SBI Home Loan EMI Calculator

    Before taking a home loan from SBI, it’d be a good idea to check whether you will be able to pay the monthly instalments. The easiest way to do this is to use BankBazaar’s EMI Calculator. Just enter the proposed loan amount, the tenure of the loan, the interest rate the bank is offering you, and the processing fee. Not entering the processing fee will not affect your results, but the other 3 inputs are mandatory to get precise results.

    SBI Home Loan Eligibility Requirements

    Each SBI home loan scheme has separate sets of eligibility parameters. Please check SBI Home Loan Eligibility before applying to avoid rejection.

    The common eligibility factors are as given below:

    Requirements Salaried Self-Employed
    Residency Indian/NRI Indian/NRI
    Age 18 to 70 years 18 years onwards
    CIBIL Score Above 750 Above 750
    Loan tenure Not more than 30 years Not more than 30 years
    Minimum Loan Amount Check with bank Rs.50,000
    Maximum Loan Amount Check with bank Rs.50 crore

    Documents Required for SBI Home Loan Application

    Make sure you have the following documents when you apply for housing finance from the State Bank of India:

    • Applicant’s documents:
      1. Filled-out loan application form with 3 Passport-sized photos attached
      2. Office ID Card
      3. PAN Card OR Passport OR Driver’s Licence OR Voter ID card
      4. Recent utility bill copy (electricity bill/gas bill/phone bill/water bill) OR Passport OR Driving Licence OR Aadhaar Card
    • Income documents:
      1. Bank account statements of the last 6 months for all accounts the applicant has
      2. For existing or previous loans, loan account statement for the last 12 months
      3. For salaried primary or co-applicants and guarantors:
        • Payslips for 3 months or salary certificate for the same period
        • Form 16 for previous 2 years OR
        • IT Returns filed for the previous 2 financial years, with IT Department’s acknowledgment
      4. For non-salaried primary or co-applicants and guarantors:
        • Proof of business address
        • Last 3 years’ IT returns
        • Last 3 years’ Balance Sheet and Profit & Loss account
        • Business License and other similar documents
        • TDS Certificate and Form 16A
        • Certificate of Qualification for professionals such as Chartered Accountants, Lawyers, and Doctors
    • Property documents:
      1. Permit for construction (if applicable)
      2. Stamped Sale Agreement OR Allotment Letter OR Registered Sale Agreement (only for Maharashtra)
      3. Occupancy Certificate (if the property is ready to move into)
      4. Property Tax Receipt OR Maintenance Bill OR Share Certificate (only for Maharashtra)
      5. Registered Development Agreement of the builder, Photocopy of the blueprint of the Approved Plan, and Conveyance Deed (for new property)
      6. Bank account statement showing payments made to the seller or builder OR Payment receipts from the builder/seller

    SBI Pradhan Mantri Awas Yojana (PMAY) Subsidy Scheme

    If you meet the eligibility criteria of PMAY, then you can apply for it through SBI’s home loans such as the Regular Home Loan, Flexipay Home Loan, Privilege Home Loan, and others. Check with the bank whether you can apply for PMAY on your existing or new home loan.

    Pradhan Mantri Awas Yojana can help you save money on your first house. Under the scheme, you can get subsidy of up to Rs.2.67 lakh. The subsidy is available to individuals earning up to Rs.18 lakh per year. The maximum loan tenure can be 20 years.

    FAQs on State Bank of India Home Loan

    1. How much home loan can I get with a salary of Rs.40,000?

      Usually, you may be allowed to take a loan of up to 60 times your monthly income, which means you can get a loan of Rs.24 lakh. However, the loan amount sanctioned to you depends on many factors that impact the EMI.

      If the interest rateis higher, then the monthly EMIs will go up, and so the loan amount sanctioned to you will go down. If the repayment tenureis low, then the EMI will be high, and so the loan amount sanctioned to you will be lower.

      If you have existing debt, then your repayment capacity is lowered, and hence you may be sanctioned less money as loan. If you have a lower-than-expected credit score, then you may be seen as a risky customer, and hence be given a lower loan amount.

    2. Can I apply for any home loan scheme offered by SBI?

      If you match the eligibility criteria set out by the scheme that you’re interested, then you should have no problem applying for that particular scheme. If you do not match any specific eligibility criteria in a scheme, then the bank may offer you another one that is suitable for you.

    3. Can I tell SBI at what interest rate I want the home loan?

      The interest rates offered by the bank are based on your income, credit score, repayment capability, etc. So you cannot demand a particular interest rate. You may be able to negotiate if all your numbers are strong.

    4. How often does SBI’s MCLR change?

      Every bank in India is supposed to revise their MCLR rates periodically. So accordingly, SBI also changes its rates every month.

    5. Why should I opt for a top-up loan on my SBI home loan?

      This depends on whether you need additional funds for interior works, furnishing, or any other personal need that comes up while your home loan tenure is ongoing. The advantage is that you get extra money at the same interest rate as that of your home loan.

    6. What will happen if I default on my SBI housing loan?

      The bank may charge a late payment fee or levy a penal rate of interest. Your credit score will also get affected. The impact of defaulting also depends on how many times and how often you miss payments.

    7. Is it mandatory to buy SBI life insurance or SBI home insurance when taking a housing loan?

      The bank may insist that you insure the house or your life as a protection for your loan repayment. This is a good practice to ensure that you or your family do not have to bear any burden in case of unforeseen events. However, it is not compulsory to buy this insurance from SBI itself.

      

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