State Bank of India offers attractive interest rates on home loans starting at 6.80% p.a. SBI is offering interest concession of 70 bps with rates starting at 6.70% pa. and zero processing fee. This offer is valid till 31st March 2021. 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||6.80% p.a. – 7.50% p.a.|
|Loan Amount||Based on eligibility|
|Processing Fees||0.35% - 1% of loan amount|
|Max Tenure||30 Years|
|Rate Packages Available||Floating|
|Interest Rate||6.70% p.a. onwards|
Additional 5 bps interest rate concession for women customers and customers applying through SBI YONO app. Also, note that a premium of 10 bps will be added for non-salaried customers over the existing rate.
SBI offers floating-rate packages on their home loans. SBI interest rates are pegged to floating interest card rate which currently stands lowest at 6.80% p.a. (Updated on 17 Sep 2021). 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)||6.80% – 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 6.80% interest rate for loan up to 30 Lakh.
*Interest rate starting from 6.70% p.a. till 31st March as interest rate concessional offer
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 6.80% p.a. has been taken into consideration for this loan EMI illustration. However, the final rate offered is solely at the discretion of the bank. 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.
State Bank of India's SBI Suraksha is a life insurance policy linked to the bank's home loan. The premium of this life insurance policy is paid by the bank. The repayment duration is the same as the tenure of the home loan as Equated Monthly Instalments (EMI). This is available to new home loan customers and also to existing home loan customers who have chosen the SBI Life Cover.
The loan eligibility criteria for SBI home loans is as given below:
General for all applicants:
Proof of income for salaried applicant/guarantor/co-applicant:
Proof of income for non-salaried applicant/guarantor/co-applicant:
You can apply for a home loan from SBI in two simple ways:
You can contact SBI home loan customer care through the following ways:
Toll-free number: 1800-11-2018
Postal Address:Real Estate and Housing Business Unit,
Subsequent to any change in the repo rate of the Reserve Bank of India, SBI's home loan interest rates change on the first day of the calendar quarter.
Yes, the prepayment penalty will be funded in the SBI balance transfer loans but the total loan amount will be subject to the eligibility as per the relevant SBI home loan scheme.
SBI home loans have a consolidated processing fee which is 0.40% of the loan amount plus the applicable GST. The minimum amount is Rs.10,000 plus GST while the maximum amount is Rs.30,000 plus GST.
Yes, SBI does give pre-approved home loans for which you can contact the bank for more details.
If the spouse is the co-owner of the property that is being bought with the loan, or is a guarantor of the loan, then the salary of the spouse is taken into account when determining the loan amount.
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