SBI Home Loan Interest rates start from 8.55% per annum. SBI Home Loans are offered for 30 years. If you are looking to take a Home Loan from SBI, then before applying you should be aware of a few things like SBI Home Loan Interest Rate, Types of Home Loans offered by SBI, eligibility, tenure, documents, processing fees, loan amount, FAQs, etc.
SBI Home Loan details
SBI Home Loan is offered to Salaried, self-employed, Government employees, and individuals living in tribal areas. SBI offers females special home loan interest rates at a 0.05% discount. SBI Home Loan also offers benefits like home loan overdraft facility, balance transfer, and Top-up loan. Read this article to learn how to get a home loan from SBI.
SBI provides home loans for ready-to-use flats, under-construction flats, and construction houses on empty plots, to renovate your house. You can apply for an SBI home loan online and offline. You can check for pre-approved projects on the SBI home loan site and apply to get early approvals.
SBI Home Loan Interest Rate
SBI Home Loan Interest rate for Regular Home Loans including Flexipay, NRI, Non-salaried, Privilege / Shaurya, Apon Ghar
Card Rates (Term Loan)
| CIBIL Score | Interest Rate (p.a.) | Max Gain (p.a.) |
| >=800 | 8.55% | 8.95% |
| 750-799 | 8.65% | 9.05% |
| 700-749 | 8.75% | 9.15% |
| 650-699 | 8.85% | 9.25% |
| 550-649 | 9.05% | 9.45% |
| NTC/No CIBIL/-1 | 8.75% | 9.15% |
Note:
- The concessional rates are inclusive of a 5bps concession available to women borrowers and a 5 bps concession available for salary account holders for Privilege, Shaurya & Apon Ghar
- A premium of 10 bps for loans up to 30 lacs for LTV >80% & < =90% shall continue to be charged hitherto.
SBI Home Loan Interest Rates – Top-Up Loans
Card Rates (Term Loan)
| CIBIL Score | Term Loan | Overdraft |
| >=800 | 8.95% | 9.25% |
| 750-799 | 9.05% | 9.35% |
| 700-749 | 9.15% | 9.45% |
| 650-699 | 9.25% | 9.55% |
| 550-649 | 9.55% | 9.85% |
| NTC/No CIBIL/-1 | 9.15% | 9.45% |
SBI Home Loan Calculator
Before applying for an SBI home loan, you should check the SBI Home Loan Calculator to get an idea of your monthly EMI. Enter the required home loan amount, the Tenure of the home loan, and the interest rate the bank offers you.
A home loan interest rate of 8.55% has been considered for the below calculation and the final rate of interest will be at the discretion of SBI. Your final EMI may vary based on the rate offered by SBI.
| Loan Amount | Tenure / EMI | Tenure / EMI | Tenure / EMI |
| Rs 50,00,000 | 10 Years / Rs 62,127 | 20 years / Rs 43,550 | 30 years / Rs 38,623 |
| Rs 75,00,000 | 10 years / Rs 93,190 | 20 years / Rs 65,324 | 30 years / Rs 57,934 |
| Rs 1,00,00,000 | 10 years / Rs 1,24,253 | 20 years / Rs 87,099 | 30 years / Rs 77,246 |
| Rs 1,50,00,000 | 10 years / Rs 1,86,380 | 20 years / Rs 1,30,649 | 30 years / Rs 1,15,869 |
| Rs 2,00,00,000 | 10 years / Rs 2,48,507 | 20 years / Rs 1,74,198 | 30 years / Rs 1,54,429 |
- ALSO READ – HDFC Home Loan complete details
Types of SBI Home Loan
SBI offers 16 types of home loans to its customers. Below, I have tried to explain every type of home loan. Please read carefully and understand thoroughly to make the best decision for you.
- SBI Regular Home Loan
SBI Regular Home Loan can be used to purchase under-construction properties, ready-to-move-in properties, home construction, or home renovations to repair/renovate/extend existing house properties.
- SBI Balance Transfer of Home Loan
SBI offers Balance Transfer of home loans, where you can transfer a home loan from any other bank Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with the National Housing Bank (NHB), and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to the condition that you have borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank’s instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title of the house/flat.
- SBI NRI Home Loan
As the name suggests, this scheme is meant for Non-Resident Indians who are staying out of the country but want to invest in properties in India.
- SBI FlexiPay Home Loan
The purpose of this loan is to provide a higher loan amount, especially to salaried borrowers, where you can have the option to pay only interest during the pre-EMI period and pay moderate EMI later.
- SBI Privilege Home Loan
This loan is designed especially for Government employees like the Central or State Government which includes PSBs, PSUs of the Central Government, and other individuals with pensionable services are eligible to apply for this home loan. 30 years loan tenure is offered under this scheme depending on certain factors.
- SBI Shaurya Home Loan
SBI Shaurya Home Loan scheme is specially designed for the Army and Defence personnel of the nation. Special interest rates are offered to defense personnel. They are also offered ease of repayment options and may get a longer repayment period of the loaned amount.
- SBI Pre-approved loan (PAL)
SBI Pre-approved Home loan sanction can be taken from the bank before finalizing the property so that you are aware of how much maximum loan can be taken by you and also help you to negotiate with the builder. Non-refundable processing fee as applicable to the Home Loan will be collected at the time of sanction.
- SBI Realty Home Loan
In SBI Realty Home Loan, you can purchase a plot to construct a dream house. You can also avail of another Home Loan for the construction of the house on a plot financed under SBI Realty and the maximum amount of loan offered to a customer can be up to Rs. 15 crores with a repayment tenure of 10 years. Please note that the construction of the house should take place within 5 years from the date of loan sanction.
- SBI Home Top-Up Loan
SBI offers SBI Home Top-Up Loan to customers, who have existing home loans with SBI. The Home Loan Top-up can be used for personal purposes and the interest rates are lower than usual personal loan interest rates.
- SBI Smart Home Loan Top Up
SBI Smart Home Top-up loan is a general-purpose loan offered to meet your urgent requirements for any personal purposes such as meeting expenditure on education, marriage, health care, repair/renovation/furnishing of the house, etc. The best part is you simply need to walk into the nearest branch/ RACPC to avail of the Loan.
- SBI YONO Insta Top Up Loan
Pre-selected Home loan customers are offered SBI Yono Insta Top-up loans over YONO mobile app.
- SBI Tribal Plus
SBI Tribal Plus is a particular home loan offered to people living in hilly or Tribal areas.
- SBI Home Loan to Non-Salaried- Differential Offerings
This loan is offered specially for Non-Salaried customers keeping in mind the unique requirements.
Documents required for SBI Home Loan
General for all applicants:
- Duly filled loan application form
- Three passport-size photographs
- Proof of Residence (one): Latest utility bill or copy of Aadhaar card, driving license, or passport
- Proof of identity (one): Voter ID card, PAN, driver’s license, or passport
- Employer identity card
Proof of income for salaried applicant/guarantor/co-applicant:
- Latest Salary certificate or salary slips for the three months
- Copy of IT Returns for the previous two financial years
Proof of income for non-salaried applicant/guarantor/co-applicant:
- IT returns of the previous three years
- Balance Sheet of the previous three years
- Profit & Loss account for the previous three years
- Details of business license or equivalent
- Form 16A or TDS certificate, if applicable
- For professionals: Certificate of qualification
- Proof of business address
Account statement:
- Bank account statements of the previous six months for all bank accounts held by the applicant
- Loan account statement of the previous year if another loan is currently active
Property papers:
- Copy of approved blueprint
- Occupancy Certificate (for the ready-to-move property)
- Conveyance Deed (For New Property)
- Permission for construction (where applicable)
- Stamped Agreement for Sale or Allotment Letter Maintenance bill
- Electricity bill
- Property tax receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Bank account statements or payment receipts of payments to the seller or builder
- Registered Agreement for Sale (for Maharashtra)
- Share Certificate (for Maharashtra)
Eligibility Criteria for SBI Home Loan
- Age: 18-70 years
- Nationality: Indian/NRI/PIO
For NRIs
- Age: 18-60
- Nationality: NRI and Person of Indian Origin
For Flexipay Home Loan
- Age: 21-45 years for loan application and up to 70 years for repayment
- Nationality: Indian
For Privilege Home Loan/Shaurya Home Loan
- Age: 18-75 years
- Nationality: Indian
For Realty Home Loan
- Age: 18-65 years
- Nationality: Indian
For YONO Insta Home Top-up Loan
Pre-selected customers based on various credit checks such as satisfactory repayment, residual loan tenure, etc.
SBI Home Loan to Non-Salaried
If the applicant is a proprietor in a proprietorship firm is one of the partners in a partnership firm or is a Director in some company/firm
- Should be in existence for at least 3 years
- Should have earned Net Profit in the past 2 years
- Regular and standard existing credit facilities
- If the proposed house property is jointly acquired by a proprietor and proprietary firm, the firm should be debt-free.
For Tribals
- Age: 21-60 years
- Nationality: Indian
SBI Home Loan Processing Fees & Other Charges
SBI home loan processing fees are different, according to the loan type you select.
| Home Loan Products | Processing Fees |
| Home Loans -Regular, NRI, Realty, Maxgain, CRE, Flexi-pay, Nonsalaried, PAL, Trible Plus, Apon GharLoan above 15 lacs | 0.35% of Loan amount + GST, Minimum Rs 2000/- to Maximum Rs 10,000/- + GST |
| Home Top-Up Loan | 0.35% of Loan amount + GST, Minimum Rs 2000/- to Maximum Rs 10,000/- + GST |
| Personal Loan against Property (P-LAP) | 1% of Loan amount + GST, Maximum Rs 50,000/- + GST |
| YONO Insta Home Top-Up Loan (Digital Product) | Rs 2000/- + GST |
| SMART Home Top-Up Loan | Rs 2000/- + GST |
| Insta Home Top-Up Loan | Rs 2000/- + GST |
| Reverse Mortgage Loan | 0.50% + GST, minimum 2000 to maximum 10000 + GST |
| Earnest Money Deposit (EMD) Scheme | 0.50% |
| Suraksha Loan | Nil |
| Privilege & Shaurya Home Loans | Nil |
| PMAY | Nil |
| Apon Ghar (HL upto Rs 15 lacs) | Nil |
| Kerala Govt Employees Home loans scheme | Nil |
| Staff Home Loans/SBI Pensioners Home Loans | Nil |
| Prepayment Charges | Nil |
| CERSAI Charges | Up to Rs 5 lakh- Rs 50 Above Rs 5 lakh-Rs 100 |
SBI Home Loan Apply
You can apply for an SBI home loan both online and offline. Below you can find the process step by step.
SBI Home Loan Online Apply
Step 1 – Click on the link and you will reach the application form.
Step 2 – If you have a bank account with SBI, Select “YES” and fill in some details like your Mobile number, account number, and your relationship with SBI and click on submit to proceed.
Step 3 – If you don’t have any relationship with SBI, then Click on “NO” and select what type of home loan you want to take, your basic details like name, DOB, Income details, and preferred location, and click on “GET LOAN QUOTE”.
Steps 4—Now, SBI will give you a quote on the home loan based on the details you provided.
Step 5 – You will be asked to submit the required documents to start the loan approval process. Submit all the requested documents and within a few days, your loan will get approved.
SBI Home Loan Offline Apply
You will have to visit any SBI branch for a home loan and ask for an application form. Complete the application form carefully and attach the documents mentioned in the blog. Once you submit the application form along with the documents, your loan approval process will start and within a few days, you can get approval for your SBI home loan.
SBI Home Loan Features
- Home Loan products to suit every customer’s need
- Low-Interest Rates
- Low Processing Fee
- No Hidden Charges
- No Pre Payment Penalty
- Interest charges on Daily Reducing Balance
- Repayment up to 30 years
- Home Loan Available as Overdraft
- 0.05% Interest Concession for Women Borrowers
SBI Home Loan Customer Care
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,
State Bank of India, Corporate Center
Madame Cama Road,
State Bank Bhavan, Nariman Point,
Mumbai-400021
- ALSO READ – HDFC Home Loan complete details
SBI Home Loan FAQ
- What is the current SBI home loan Interest rate?
ANS. Current SBI Home Loan Interest rates start at 8.40% to 9.15% per annum.
2) What are the processing fees for SBI home loans?
ANS. Processing fees for SBI home loans are 0.35% of the principal amount + applicable GST (minimum Rs 2000 to Maximum Rs 10,000 + applicable GST).
3) Who is eligible for an SBI home loan?
ANS. Customers who are Salaried, Self Employed professionals, self-employed non-professionals, and Government employees are eligible for an SBI home loan.
4) What is the maximum tenure of an SBI home loan?
ANS. The maximum tenure of an SBI home loan is up to 30 years depending on the age of the applicant.
5) Can I repay the SBI home loan early?
ANS. Yes, you can pre-close or foreclose an SBI home loan.
6) What is the difference between a fixed rate and a floating rate of interest?
ANS. Fixed interest rate – The interest remains constant throughout the loan period irrespective of the changes in market conditions.
Floating interest rate – The interest rate can decrease or increase depending on market fluctuations.
7) Can I apply jointly with my spouse?
ANS. Yes, your salaries can be clubbed for the purpose of calculating the loan amount.
8) Will my spouse and my salaries be taken into consideration for calculating the loan amount?
ANS. Yes, this can be done either when the property is jointly held with the spouse or the spouse stands as a guarantor.
9) What does a home insurance policy cover?
ANS. Home insurance policies cover the house structure and its contents or possessions. Many insurance policies also combine various personal insurance features too.
10) Can I get an in-principal approval and actually avail of the loan later?
ANS. Yes, SBI Home Loan offers in-principal approval based on the repayment capacity and income of the applicants. This helps you know how much funds the bank would make available to you which makes the entire process of identifying and purchasing the property easier.
11) How does SBI determine an applicant’s Home Loan eligibility?
ANS. Before approving a home loan SBI will check the age, credit score, job profile, employer’s profile, monthly income, repayment capacity, etc. of an applicant and determine the amount of loan the applicant is eligible for.
12) Can I choose between a fixed and floating interest rate?
ANS. No, you cannot choose, as SBI Home Loans are offered only at a floating interest rate.
13) Does SBI home loan offer a special interest rate for women borrowers?
ANS. Yes, SBI offers an interest rate concession of 0.05% p.a. to women borrowers.
14) What is the turnaround time for the disbursement of the SBI Home Loan?
ANS. SBI claims to take 3-10 working days on average to disburse home loans after the completion of the documentation process and other required procedures.
