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  • SBI Home Loan

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  • State Bank of India offers attractive interest rates on home loans starting at 6.90% p.a. as updated on . 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.

    We found 1 SBI Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    6.90% - 9.70% Floating
    ₹2,000 - ₹10,000 One time fee
    1 - 30 Years
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    SBI Home Loan Details

    Interest Rate 6.90% p.a.
    EBR 6.65% p.a.
    Loan Amount Based on eligibility
    Processing Fees 0.35% - 1% of loan amount
    Prepayment/Foreclosure Charges Nil
    Max Tenure 30 Years
    Rate Packages Available Floating

    SBI Home Loan Interest Rates 2020

    SBI offers floating-rate packages on their home loans. SBI interest rates are pegged to floating interest card rate which currently stands lowest at 6.95% p.a. (Updated on 03 Dec 2020). The rates vary based on employment type: salaried or self-employed.

    SBI Home Loan Schemes Interest Rate for Salaried Interest Rate for Self-Employed
    SBI Home Loans (Term Loan)  6.90% – 7.35% p.a. 7.10% – 7.50% p.a.
    SBI MaxGain (Floating Interest Card Rate) 7.30 – 7.70% p.a. 7.45% – 7.85% p.a.
    SBI Insta Home Top Up Loan 8.20% p.a. 8.20% p.a.
    SBI Home Top Up Loan (Term Loan) 7.50% – 9.55% p.a. 7.65% - 9.70% p.a.
    SBI Home Top Up Loan (Overdraft) 8.40% – 8.65% p.a. 8.55% - 8.80% p.a.
    SBI Smart Home Top-Up Loan (Term Loan) 8.05% p.a. 8.55% p.a.
    SBI Smart Home Top-Up Loan (Overdraft) 8.55% p.a. 9.05% p.a.
    SBI CRE Home Loan 50 bps + final rate
    SBI Tribal Plus/CRGFT 10 bps + final rate
    SBI Reverse Mortgage Loan Public: 9.05% p.a.
    SBI pensioners: 8.05% p.a.
    SBI Bridge Home Loan First year: 9.60% p.a.
    Second year: 10.50% p.a.
    SBI Privilege and Shaurya 6.95% p.a. onwards
    SBI Realty 7.65% p.a. onwards

    * Excluding Insta Home Top Up Loan
    SBI offers home loan at 6.90% interest rate for loan up to 30 Lakh.

    Compare: Home Loan Interest Rate all Banks

    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 Home Loan 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 EMI Calculation
    Amount 10 years 20 years 30 years
    Rs.10 lakh Rs.11,611 Rs.7,753 Rs.6,653
    Rs.20 lakh Rs.23,222 Rs.15,506 Rs.13,306
    Rs.40 lakh Rs.46,443 Rs.31.012 Rs.26,612
    Rs.50 lakh Rs.58.054 Rs.38,765 Rs.33,265

    *Interest rate of 7% p.a. has been taken into consideration for this loan EMI illustration. Your final EMI amount can vary based on the rate offered to you by the bank.

    Compare Best SBI Home Loan Offers

    1. SBI Regular Home Loan
      • Interest rate: 7% p.a. onwards
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 0.05% lower interest rate for women
      • Zero charges on pre-payments
      • Available for applicants aged between 18 and 70
    2. SBI Flexipay Home Loan
      • Interest rate: Based on the credit score of the customer
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 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
    3. SBI Privilege Home Loan
      • Interest rate with check-off: 6.95% p.a. onwards
      • Interest rate without check-off: 7.00% p.a. onwards
      • Processing fee: Fully waived
      • Curated for central and state government employees
      • Discount on interest rates if check-off is given
      • No processing fee
    4. SBI Shaurya Home Loan
      • Interest rate with check-off: 6.95% p.a. onwards
      • Interest rate without check-off: 7.00% p.a. onwards
      • Processing fee: Fully waived
      • Specifically for Defence personnel and the Armed Forces
      • Lower interest rates and longer tenure options
      • No processing fee
    5. SBI Tribal Plus
      • Interest rate: 10 bps above final rate
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 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
    6. SBI Home Loan to Non-Salaried Differential offerings
      • Interest rate (Male): 7.15% onwards
      • Interest rate (Female): 7.10% onwards
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 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
    7. SBI Pre-Approved Home Loan (PAL)
      • Interest rate (Salaried male): 7.00% onwards
      • Interest rate (Salaried female): 6.95% onwards
      • Interest rate (Non-salaried male): 7.15% onwards
      • Interest rate (Non-salaried female): 7.10% onwards
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 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
    8. SBI Bridge Home Loan
      • Interest rate (For 1st Year): 9.50%
      • Interest rate (For 2nd Year): 10.50%
      • Processing fee: 0.35% of the loan amount (min. Rs.5,000)
      • 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
    9. SBI Earnest Money Deposit (EMD)
      • Interest rate: 10.45%
      • Processing fee: 0.5% of the loan (min. Rs.1,000)
      • 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
    10. SBI NRI Home Loan
      • Interest rate (Salaried male): 7.00% onwards
      • Interest rate (Salaried female): 6.95% onwards
      • Interest rate (Non-salaried male): 7.15% onwards
      • Interest rate (Non-salaried female): 7.10% onwards
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 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
    11. SBI Realty Home Loan
      • Interest rate (Male): 7.70% to 7.90%
      • Interest rate (Female): 7.65% to 7.85%
      • Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
      • 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
    12. SBI Corporate Home Loan
      • Processing fee: 0.5% of the loan amount (min. Rs.50,000; max. Rs.10 lakh)
      • 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.)
      Small Business (SB)-1 & SB-2 9.20%
      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
      • Interest rate: 50 bps above Home Loan interest rate (For All)
      • Processing fee: 0.35% of the loan amount (min. Rs.5,000)
      • 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
    14. SBI Loan Against Property (P-LAP)
      • Interest rate (Salaried individual): 8.90% – 9.40%
      • Interest rate (Professional/ business/ rental income of over 50% of net monthly income): 8.80% – 9.65%
      • Processing fee: 1% of the loan amount (max. Rs.50,000)
      • 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
    15. SBI Reverse Mortgage Loan
      • Interest rate (SBI Pensioners): 8.05%
      • Interest rate (Others): 9.05%
      • Processing fee: 0.50% of the loan amount (min. Rs.2,000; max. Rs.20,000)
      • 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
    16. SBI Pradhan Mantri Awas Yojana 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.

    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 EBR + 85 bps to 290 bps.
    • 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 EBR + 140 bps to 240 bps.
    • SBI Insta Home Top-Up Loan:Home loan top-ups through net banking available for selected customers. Interest rates range from 155 bps above EBR.
    • 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 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

    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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