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.
|Interest Rate||6.90% p.a.|
|Loan Amount||Based on eligibility|
|Processing Fees||0.35% - 1% of loan amount|
|Max Tenure||30 Years|
|Rate Packages Available||Floating|
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 LoanSBI offers home loan at 6.90% interest rate for loan up to 30 Lakh.
Compare: Home Loan Interest Rate all Banks
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|
*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.
|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%|
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.
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:
|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|
Make sure you have the following documents when you apply for housing finance from the State Bank of India:
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.
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.
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.
Every bank in India is supposed to revise their MCLR rates periodically. So accordingly, SBI also changes its rates every month.
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.
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.
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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