A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    SBI Home Loan

    State Bank of India is one of the most popular banks in India to avail a home loan. This is partly owing to the fact that the bank offers a number of different types of home loans to cater to every type of customer. Highlights include relatively lower interest rates, flexible payment options, and the absence of hidden charges. The bank also allows loan applicants as young as 18 years of age to avail the loan. In addition, the bank also offers women a slightly lower interest rate compared to what general customers get. Read here to find out more about the loan options from this bank.
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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
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    Perks
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    Good to Know

    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 27 May 2019

    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

    EMIs to become cheaper following SBI home loan interest rate cut

    11 February 2019

    State Bank of India (SBI) has reportedly slashed home loan interest rate for loan amount up to Rs.30 lakh. This means that home loan borrowers will have to pay lower EMIs on these home loans. However, the MCLR rate has been left unchanged for the month, meaning customers will not have to be burdened by the high EMIs. The announcement was made after the Reserve Bank of India’s (RBI) bi-monthly monetary policy review held during the last week. The interest rate applicable to home loans up to Rs.30 lakh non-salaried women borrowers' range between 8.90% and 9.00%. On the other hand, salaried women borrowers can avail home loans up to Rs.30 lakh with the rate of interest ranging between 8.75% and 8.85%. For other non-salaried individuals, the rate of interest rates associated with the same loan amount falls between 8.95% and 9.05% while the interest rate applicable for other salaried customers lies between 8.80% and 8.90%.

     

    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 27 May 2019, 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.

    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

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    SBI Home Loan Reviews

    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The rate of interest was nominal. Only the drawback which I felt was need to visit often to office for further process.
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a home loan STATE BANK OF INDIA for more than one year. As per expectation I received a loan amount as per my expectation for the tenure of twenty years. The rate of interest and processing fee is nominal when compare to other banks.
      Was this review helpful? 1
      , noida
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I got the loan amount for the duration of 20 years. The rate of interest is nominal. Fee charges was applicable. The customer service is good and responsiveness on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 16, 2019
    • SBI Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      My home loan is running with SBI, the interest rate is very low but they gave me longer duration. I took the amount Rs.17 lakhs for duration of 20 years, the process fee was nominal around Rs.10,000 including insurance fee. The documentation are very simple, bank staff gave me nice response as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 16, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have applied for Home Loan directly with State Bank Of India .The rate of interest and the processing fee was nominal.The agent gave a clear picture about the loan process.I have received the loan amount on time without any delay .The loan amount was sufficient and not faced any issues so far .I have applied for 30lakhs for the tenure of 20year this loan is still active .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 14, 2019
    • SBI Home Loan
      "EXCELLENT"
      0.5 4.0/5 "Great!"
      The process was quick and easy to get the home loan with the STATE BANK OF INDIA where the process of getting the loan was good and quick process. The loan amount was good with this loan, the duration for repaying the loan is for 15 years. The rate of interest was lesser also there is no processing fee.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 14, 2019
    • SBI Home Loan
      "Good"
      0.5 3.5/5 "Pretty good"
      I took a home loan with State Bank of India because of lesser interest rate and they have increased the rate almost 0.60, it was 8.55 and becomes 9.15%. The customer service is okay and its not very outstanding. There was a processing fee which was according to the RBI rules. The loan process was good.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 12, 2019
    • SBI Home Loan
      "Good card"
      0.5 4.0/5 "Great!"
      I hold housing loan with State bank of India from past four to five years approximately, the loan amount they have given me was good, it was as per my requirement, the rate of interest that time they charged me was nominal, but one thing I have experienced bad is that whenever they increase the interest rate they use to update but in case of reducing the rate of interest they do not update it, like for that i should go to branch, fill up the application and then they will reduce the rate of interest. I need to maintain up to 10-15 years more.
      Was this review helpful? 2
      , bangalore
      Reviewed on May 10, 2019
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my home loan with State bank of India previously, their rate of interest is not fixed it use to get fluctuated according to the time now the rate of interest is nominal, there processing fee they have charged me was nominal. and they customer service is good they have explain me about everything relating to loan was clear.
      Was this review helpful? 2
      , mumbai
      Reviewed on May 09, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan with the STATE BANK OF INDIA and at the beginning the loan got canceled and latter the loan got approved. They have provided the rate of interest was nominal of 9%. The duration is for repaying the loan is for 10 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on May 08, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the home loan with the STATE BANK OF INDIA and i have taken the loan on 2016 and also the rate of interest they have offers with this loan was 8.30% which was nominal with this loan. The documentation process was simple and good added on that the process was good.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 08, 2019
    • SBI Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the home loan with the STATE BANK OF INDIA where the documentation process was simple and easy to get the loan. The customer support is good and using it since from 2013. The rate of interest was 8.45% which was nominal than others.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 08, 2019
    • SBI Home Loan
      "Good bank to apply for a home loan"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for about 4 years ago. The loan amount which i received of 16Lakhs for the duration of 10 years. I am doing all the payments on regular basis.The customer service is good and supportive. On time I received a loan amount.There is no any late fee.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 07, 2019
    • SBI Home Loan
      "Takes more time to process"
      0.5 3.0/5 "Satisfactory"
      SBI is very good bank to take a Home loan with lesser interest rate . But it is not easy to predict the processing time . Normally they take huge amount of time for sanctioning the loan . This is something where customers need to wait beyond the normal banking process .
      Was this review helpful? 2
      , bangalore
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.5/5 "Excellent!"
      The process in getting my Home loan from HDFC Bank has been pretty good where there hasn't been any delay in the disbursement. The interest rate and charges which they had made has been nominal when compared with the market rate. The loan is still running and their staffs had been helpful at times.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Home loan from STATE BANK OF INDIA on December 2017 and the process in getting the loan was quite simple and easy where it was disbursed within 10-15 days. But the interest rate was enhanced after six months of the payment which was around 8.9%. There has not been any other issues.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      STATE BANK OF INDIA has also offered me a home loan. The process was quick and I got the loan on time. The rate of interest is and there were processing charges as well both are very nominal compare to others in the market . The tenure period is fine and it is sufficient .
      Was this review helpful? 0
      , pune
      Reviewed on May 06, 2019
    • SBI Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had applied for a home loan with STATE BANK OF INDIA and it happened to take few days. . Interest rates are reasonable here. Over all I am happy with their service.My request was taken care and there was a no delay for doing the verification part .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 04, 2019
    • SBI Home Loan
      "Good Experience with SBI"
      0.5 5.0/5 "Blown Away!"
      I have SBI home loan, my experience with them is great. Since its a nationalized bank the process flow is easy everything happening in same local branch. The interest rate is good compared to other bank and there was no processing fee for the home loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 04, 2019
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My housing loan was taken with STATE BANK OF INDIA , they offered sufficient of tenure period . The Interest rate is little high comparing to other financial service. The processing fee is also nominal . The process of getting loan was too quick and i did not face any issue at the time of documentation .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 03, 2019
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