SBI Home Loan

SBI offers home loan interest rates starting from 8.40% per year. The rates depend on factors like credit score and the type of loan you apply for. If you have a high CIBIL score of 800 or more, you can get the lowest interest rates. But if you're new to credit or have no CIBIL score, you might get a higher rate. SBI doesn't specify how these rates vary based on factors like loan amount or job profile. However, lenders might take these factors into account when deciding on the interest rates for your home loan.

1. SBI Regular Home Loan:

• Interest rate: Starts from 9.15% p.a.
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• Women borrowers get a 0.05% lower interest rate
• No charges on pre-payments
• Available for applicants aged 18 to 70.

2. SBI NRI Home Loan:

• Interest rate: 9.15% p.a. - 10.15% p.a. (Contact the bank for details)
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• Specifically for Non-Resident Indians (NRIs) buying a house in India
• Discount on interest rate for women applicants
• No additional fees or rates compared to Regular Home Loan.

3. SBI Realty Home Loan:

• Interest rate: Starts from 9.45% p.a.
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• Intended for purchasing land to build a house
• Borrowing limit up to Rs.15 crore with repayment tenure of up to 10 years
• Option for a separate SBI home loan for construction.

4. SBI Flexipay Home Loan:

• Interest rate: Starts from 9.15% p.a.
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• Allows repayment of only the interest component during the pre-EMI period
• Offers step-up EMIs in the following years
• Provides 20% higher home loan eligibility for younger professionals.

5. SBI Tribal Plus:

• Interest rate: Starts from 9.25% p.a.
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• Specifically designed for individuals in tribal or hilly areas
• Repayment tenure of up to 15 years
• No requirement for land mortgage; third-party guarantor allowed.

6. SBI Pre-Approved Home Loan (PAL):

• Interest rate: Determined by the bank
• Processing fee: 0.35% of the loan amount (min. Rs.2,000; max. Rs.10,000)
• Loan sanctioned before finalizing a property
• Provides more negotiating power with sellers/builders
• Similar benefits to SBI Regular Home Loan.

7. SBI Earnest Money Deposit (EMD):

• Interest rate: 12.95% p.a.
• Processing fee: 0.5% of the loan amount (min. Rs.1,000)
• Funds for paying the advance amount for booking a house or plot
• Can only be used for properties sold by government entities
• Short-term loans for one year.

8. SBI Commercial Real Estate (CRE) Home Loan:

• Interest rate: Starts from 9.35% p.a.
• Processing fee: 0.35% of the loan amount (min. Rs.5,000)
• Designed for individuals owning two or more houses and seeking to purchase more
• Maximum of 3 houses can be bought under this scheme
• Benefits include lower interest rates for women and overdraft facility.

9. SBI Reverse Mortgage Loan:

• Interest rate: Starts from 11.55% p.a.
• Processing fee: 0.50% of the loan amount (min. Rs.2,000; max. Rs.20,000)
• Tailored for senior citizens with a self-owned or occupied property
• Helps generate or supplement income post-retirement
• Loan repayment is not required during the borrower's lifetime.

10. SBI Pradhan Mantri Awas Yojana Subsidy Scheme:

• Eligible SBI home loan products include Regular Home Loan, Flexipay Home Loan, Privilege Home Loan, and others.
• Provides subsidy under PMAY for individuals with household income up to Rs.18 lakh per year.
• Maximum subsidy of up to Rs.2.67 lakh available.
• Maximum loan tenure can be up to 20 years.

11. SBI Suraksha:

• SBI Suraksha is a life insurance policy linked to the home loan, where the premium is paid by the bank.
• Repayment duration aligns with the home loan tenure as EMIs.
• Available for both new and existing home loan customers who have opted for SBI Life Cover.

• No processing fee for Suraksha Loan, Privilege & Shaurya Home Loans, Apon Ghar (HL up to Rs 15 lacs) & Kerala Govt Employees Home loans scheme.
• 100% waiver on processing fees for Balance Transfer and for availing fresh home loans for Resale/ Ready to Move in properties.
• Processing fee ranges from Rs 2,000 to Rs 5,000 on regular home loans, NRI home loans, Realty, Maxgain, CRE, Flexi-pay, Nonsalaried, PAL, Trible Plus & Apon Ghar Home Loan above 15 lacs.
• Rs 1,000 processing fee for YONO Insta Home Top-Up Loan and SMART Home Top-Up Loan.
• Rs 2,000 processing fee for Insta Home Top-Up Loan.

Also read: Best Home Loan Fees and Charges

You can use the home loan EMI calculator below to input the loan amount, interest rate, and tenure. This will help you calculate the monthly EMI and total interest payable over the loan tenure.

Also Read : Best Home Loan EMI Calculator

To be eligible for SBI home loans, you need to meet the following criteria:

• Age: You must be at least 18 years old and not exceed 70 years.
• Nationality: Both resident and non-resident Indians are eligible to apply.

Also Read : Best Home Loan Eligibility

Here is a list of documents required for SBI home loan application:

For all applicants:

• Completed loan application form
• Three passport-size photographs
• Employer identity card (if applicable)
• Proof of Residence (any one): Recent utility bill or copy of Aadhaar card, driving licence, or passport
• Proof of Identity (any one): Voter ID card, PAN card, driver's licence, or passport

For salaried applicants/guarantors/co-applicants:

• Salary certificate or salary slips for the past three months
• Copy of Income Tax Returns or Form 16 for the last two financial years

For non-salaried applicants/guarantors/co-applicants:

• Business license details
• Proof of business address
• Income Tax Returns for the past three years
• Balance Sheet and Profit & Loss account for the past three years
• Form 16A or TDS certificate (if applicable)
• Professional qualification certificate (for professionals)

Account statement:

• Bank account statements for the past six months for all accounts held
• Loan account statement for the past year (if applicable)

For property documents:

• Copy of approved blueprint
• Maintenance bill
• Electricity bill
• Property tax receipt
• Occupancy Certificate (for ready-to-move properties)
• Conveyance Deed (for new properties)
• Permission for construction (if applicable)
• Stamped Agreement for Sale or Allotment Letter
• Approved Plan copy & Registered Development Agreement of the builder (for new properties)
• Bank account statements or payment receipts for payments made to the seller or builder
• Registered Agreement for Sale (for properties in Maharashtra)
• Share Certificate (for properties in Maharashtra)

Make sure to have these documents ready when applying for an SBI home loan.

Also Read : Best Home Loan Documents Required

You can apply for an SBI home loan through two simple methods:

• Offline: Visit your nearest SBI branch, collect the application form, fill it out accurately, and submit it along with all required documents to a bank official.
• Online: Visit the official SBI website, fill out the online application form with your contact details, and submit it. A bank representative will contact you shortly.

For assistance or queries, you can reach SBI Home Loan Customer Care through their toll-free number: 1800-11-2018.

Following any change in the repo rate set by the Reserve Bank of India, SBI adjusts its home loan interest rates on the first day of each calendar quarter.

If the spouse is a co-owner of the property being purchased with the loan or acts as a guarantor for the loan, then their salary is considered when determining the loan amount.

Yes, in SBI balance transfer loans, the prepayment penalty can be included in the total loan amount. However, the overall loan amount will still be subject to eligibility criteria based on the relevant SBI home loan scheme.

Also read: Best Home Loan Balance Transfer

Yes, SBI does offer pre-approved home loans. For more details or to inquire about pre-approved home loan offers, you can contact the bank directly.

For SBI home loans, there is a consolidated processing fee equivalent to 0.40% of the loan amount, along with applicable GST. The processing fee ranges from a minimum of Rs. 10,000 plus GST to a maximum of Rs. 30,000 plus GST.