Types of Home Loans Offered by SBI

Types of Home Loans Offered by SBI

Having a house of your own that you can come back to at the end of the day is satisfying, to say the least. However, before you get to the best part, you have to look at the process that goes into purchasing a home of your own first. Choosing an ideal house that you like and that is within your budget is not the only thing you need to take into consideration. Opting for the right Home Loan is also just as imperative. There are various Types of Home Loan in India, and SBI specifically offers you a wide variety of options to choose from.

SBI Home Loan Interest Rate

Latest SBI Home Loan Interest Rates – 2020
 Interest Rate

6.95% Apply Now

 Processing Fee Up to 0.50% of loan amount + applicable GST
 Prepayment or Foreclosure Charges Nil

*The above interest rates and charges depend on the type of loan and loan amount.

Here are some popular SBI Home Loan Types:

Home Loan Type Interest Rate for Salaried

SBI Regular Home Loan

  • Loan up to Rs. 30 Lakhs: 7% for Term Loan & 7.35% for Maxgain
  • Loan above Rs. 30 Lakhs & up to Rs. 75 Lakhs: 7.25% for Term Loan & 7.60% for Maxgain
  • Loan above Rs. 75 Lakhs: 7.35% for Term Loan & 7.70% for Maxgain
  • 05 bps concession for women applicants
  • Rates will be 15 bps extra for Non-Salaried Customers
  • Rate will be 10 bps extra for loan up to Rs. 30 Lakhs if LTV ratio is >80% & <=90%.
  • Rate will be 10 bps extra for customers falling under Risk Grade (RG) of 04 to 06

SBI Tribal Plus Scheme

Rates will be 10 bps extra to the final rate

SBI Home Loan to Employees of Kerala Government scheme

7%

SBI CRE Home Loan

Rates will be 50 bps extra to the final rate

SBI Privilege Home Loan and Shaurya Home Loan

  • If check-off facility is provided by the Government Department or Defense Establishment under tie-up with SBI: Interest rate applicable to women will be applicable to others
  • If check-off facility is not available: Interest rates applicable to others will be applicable after considering the LTV Ratio, Risk Grade, gender, and limit.

SBI Realty Home Loan (For first 5 years)

  • Loan up to Rs. 30 Lakhs: 7.70%
  • Loan above Rs. 30 Lakhs & up to Rs. 75 Lakhs: 7.80%
  • Loan above Rs. 75 Lakhs: 7.90%
  • 05 bps concession for women applicants
  • Rates will be 15 bps extra for Non-Salaried Customers
  • Rates will be 05 bps extra for customers who don’t have salary account with SBI
  • Rate will be 10 bps extra for customers falling under RG of 04 to 06

SBI Home Top Up Loan

  • Loan up to Rs. 20 Lakhs: 7.50% for Term Loan
  • Loan above Rs. 20 Lakhs & up to Rs. 1 Crore: 7.70% for Term Loan & 8.40% for Overdraft
  • Loan above Rs. 1 Crore & up to Rs. 2 Crores: 7.90% for Term Loan & 8.65% for Overdraft
  • Loan above Rs. 2 Crores & up to Rs. 5 Crores: 8.35% for Term Loan
  • Loan above Rs. 5 Crores: 9.55% for Term Loan
  • Rates will be 15 bps extra for Non-Salaried Customers
  • Rate will be 10 bps extra for customers falling under RG of 04 to 06

SBI YONO Insta Home Top Up Loan (Rs. 1 Lakh to Rs. 5 Lakhs)

155 bps above EBR (i.e. 8.20%), irrespective of gender, occupation, and RG

SBI Smart Home Top Up Loan

  • Salaried: 8.05% for Term Loan & 8.55% for Overdraft
  • Non-salaried: 8.55% for Term Loan & 9.05% for Overdraft

SBI Bridge Loan

  • For First Year: 9.50%
  • For Second Year: 10.50%

SBI Earnest Money Deposit (EMD) Scheme

10.45%

 

Apply SBI Home Loan

 

1. Regular Home Loan:

You can use this loan to construct a house, conduct a house extension, purchase an under-construction property, a ready built property, a pre-owned home or for any other kind of repair and renovation.

Benefits: 

  • 30 years repayment tenure   
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.
  • Zero Prepayment charges.
  • Interest rate charged on daily reducing balance.
  • Home Loan available as Overdraft
  • Indian residents aged between 18 to 70 years can apply  

2. NRI Home Loan:

This Home Loan caters to Non-Resident Indians who are seeking to invest in property. It makes better sense from a financial perspective that you purchase a property through a Home Loan instead of going through personal financing.

Benefits:

  • Low processing fee.
  • Zero hidden charges.
  • Repayment tenure up to 30 years
  • Zero prepayment penalty
  • Concession in interest rate for women borrowers
  • Home loan available as overdraft
  • NRIs and PIOs aged between 18 to 60 years can apply 
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.

3. Realty Home Loan:

It helps you purchase a plot for construction of your home. Construction should start within 5 years from the date the loan is sanctioned.

Benefits:

  • Loan to build your dream home from scratch
  • Avail maximum Rs. 15 Crores as loan amount
  • No prepayment charges
  • Loan repayment tenure up to 10 years
  • Concession in interest rate for women borrowers
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.
  • Indian residents aged between 18 to 65 years can apply

4. Pre-Approved Home Loan:

Your Home Loan limits are sanctioned before the property is decided upon. This helps you negotiate with the buyer or seller in private.

Benefits:

  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.
  • Repayment up to 30 years.
  • Interest concession for women borrowers.
  • Home loan available as overdraft
  • No prepayment penalty
  • Resident Indians aged above 18 years can apply

5. Balance Transfer of Home Loan:

This kind of loan offers borrowers a chance to transfer Home Loans from housing finance companies that are registered with the National Housing Bank, scheduled commercial banks and private as well as foreign banks.

Benefits:

  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.
  • Home loan available as Overdraft.
  • Low interest rates.
  • No prepayment charges
  • Interest charged on daily reducing balance menthod
  • Concession in interest rate for women

6. Privilege Home Loan:

This loan is particularly designed for government employees. This takes into account PSUs, PSBs of Central Government, employees of State Government and other individuals who come with the benefit of pensionable service.

Benefits:

  • Concession on interest if Check Off is provided and for women borrowers.
  • Zero processing fee
  • Home Loan made exclusively for government employees.
  • No prepayment penalty
  • Up to 30 years repayment tenure
  • Resident Indians above 18 years of age can apply

7. Shaurya Home Loan:

 

Apply Home Loan in India

 

This loan caters to all army and defence personnel. It comes with added benefits and lower interest rates.

Benefits:

  • Home Loan only for Defence and Army personnel at competitive rate.
  • Extended loan tenure of up to 30 years.
  • Zero processing fee
  • Zero prepayment penalty
  • Concession on interest if Check Off is provided and for women borrowers
  • Resident Indians above 18 years of age can apply

8. Flexipay Home Loan:

This housing loan gratifies salaried individuals. It provides borrowers with a higher loan amount and gives you the benefit of paying only interest during the pre-EMI period. Following this, you have to pay moderated EMIs (Equated Monthly Instalments).

Benefits:

  • 20% higher eligibility for loan amount.
  • Pay only interest during pre-EMI/ moratorium period.
  • Up to 30 years repayment tenure
  • No prepayment charges
  • Resident Indian above 21 years and up to 45 years of age can apply
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.

9. Home Top Up Loan:

This loan offers customers the benefit of borrowing a specific amount on top of their Home Loan amount. This loan is beneficial for borrowers who are in need of extra funds.

Benefits:

  • Multipurpose loan.
  • Interest rates much lower than that of Personal Loan.
  • Tenure up to 30 years
  • No prepayment charges
  • Interest charged on daily reducing balance method
  • Home loan available as overdraft
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.
  • Indian residents aged between 18 to 70 years can apply

10. Smart Home Top Up Loan:

This general-purpose loan helps to fund any urgent necessities for any type of personal requirements. This includes expenditures that arise from marriage, repair/renovation of house, education, and healthcare.

Benefits:

  • Quick loan processing.
  • No pre-payment penalty.
  • Loan amount available up to Rs. 5 Lakhs
  • Repayment tenure up to 20 years
  • Indian residents aged between 18 to 70 years with CIBIL score of 550 or above can apply.
  • Processing fee is Rs. 2,000 + applicable GST

11. Tribal Plus:

This loan is specially designed for individuals who live in tribal or hilly areas and require funds for the purchase or construction of a new flat/house. The house to be purchased must not be older than 10 years.

Benefits:

  • Home loans for people of Hilly and Tribal areas
  • Loans offered against Third Party Guarantee.
  • No need to mortgage the land.
  • Loan amount available up to Rs. 10 Lakhs
  • Repayment tenure up to 15 years
  • Interest rate concession for women borrowers
  • No prepayment penalty
  • Resident Indians aged above 21 years can apply
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.

12. CRE (Commercial Real Estate) Home Loan:

These loans work well for individuals who own two or more houses and require finances for their next home buy. You need to make a note however that the maximum number of houses/plots/flats is kept to three.

Benefits:

  • Best Home Loan for investment purpose.
  • Flexibility to avail up to 3 Home Loans.
  • Resident Indians aged above 18 years can apply
  • Repayment tenure up to 30 years
  • Processing fee is 0.35% of the loan amount (minimum Rs. 5,000) + applicable tax

13. Insta Home Top Up Loan:

This loan is accessible to individuals who are already existing Home Loan customers. It is a facility offered to pre-selected borrowers through the platform of internet banking.

Benefits:

  • Hassle free and instant top up loan for existing Home Loan borrowers.
  • Fully automated loan with no manual intervention.
  • Loan available in just 3 easy steps
  • Available as overdraft
  • Pre-selected customers are selected by the bank for this scheme based on various credit checks, such as satisfactory repayment, remaining loan tenure, etc.
  • Processing fee is Rs. 2,000 + applicable GST

14. Bridge Home Loan:

This loan works in tandem with individuals who wish to upgrade to bigger and better homes by selling off their present ones.

Benefits:

  • Best short-term loan for home upgradation.
  • Loan amount of minimum Rs. 20 Lakhs and maximum up to Rs. 2 Crores.
  • Repayment tenure up to 2 years
  • Zero prepayment charges
  • Processing fee is 0.35% of the loan amount (minimum Rs. 5,000) + applicable tax
  • Indian residents aged between 18 to 70 years can apply

15. Corporate Home Loan:

This loan caters to construction or acquisition of residential units that are under the name of a company. These loans are offered to promoters, directors, and employees who are part of public or private corporate entities.

Benefits:

  • Low interest rate & processing fee.
  • No hidden cost.
  • Existing borrowers of SBI or a debt free company can apply
  • Processing fee is 0.50% of the loan amount (minimum Rs. 50,000 and maximum Rs. 10 Lakhs) + applicable GST.

16. Home Loan to Non-Salaried-Differential Offerings:

These Home Loans are offered to non-salaried individuals for the construction, renovation or acquisition of a house.

Benefits:

  • Home Loan offer that suits every customer’s need.
  • Repayment tenure of up to 30 years.
  • Resident Indians aged above 18 years can apply
  • No hidden charges
  • Repayment tenure up to 30 years
  • Loan amount available is minimum Rs. 50,000 and maximum Rs. 50 Crores
  • Processing fee is 0.40% of the loan amount (subject to a minimum of Rs. 10,000 and maximum of Rs. 30,000) + applicable GST.

17. Pradhan Mantri Awas Yojana:

This initiative was taken up by the Government of India and offers affordable housing to the urban poor. The government offers interest linked subsidy to the eligible on Home Loans for the construction/acquisition of houses.

Benefits:

  • Subsidy on Home Loan interest of up to 2.67 Lakhs.
  • Affordable housing finance for urban poor and mid-income group.

18. Home Loan Overdraft Facility:

SBI MaxGain is a Home Loan sanctioned as an overdraft. It comes with a limit that is the same as the approved loan amount. In this case, your home is the underlying security for the overdraft amount.

Benefits:

  • Best Home Loan if you can save some extra money each month after paying the standard EMI.
  • Surplus amount left in the Home Loan overdraft account can be withdrawn any time for use.

19. Earnest Money Deposit (EMD)

EMD scheme by SBI is for those applicants who are looking for earnest money to book residential plots or built-up houses that are being sold by Government Housing agencies (PUDA, HUDA, etc.).

Benefits:

  • No prepayment penalty
  • No hidden charges
  • Short term loans of maximum up to 100% of application money available
  • No minimum income criterion
  • Repayment tenure up to 12 months
  • Loan amount up to Rs. 15 Lakhs for CSP/DSP account holders and up to Rs. 10 Lakhs for others.
  • Processing fee is 0.50% of the loan amount (minimum Rs. 1,000)
  • Resident Indians aged above 21 years can apply

There are also other schemes available at SBI that help to make the entire process of obtaining a housing loan easy and stress-free. These loans come with standard features such as low-interest rates, flexible payment alternatives, low processing fees and no hidden charges. These exclusive packages that cater specifically to individual needs make it easy to choose a loan that is tailor-made just for you. Make sure you examine your credit score, begin saving for a down payment and get all of your financial documents in order before finding a good home loan. It helps to make the entire loan application process simpler. Based on your need and preferences, you can then pick the most appropriate SBI Home Loan for you.

Documents Required For SBI Home Loan

  • Loan application form – duly filled and completed
  • 3 passport size photographs
  • Identity Proof – Passport, PAN Card, Aadhar Card, Driving Licence, Voter Id (Any One).
  • Address Proof – Passport, Aadhaar Card, Driving Licence, Ration Card, Registered Rent Agreement, Latest Gas Bill, Latest Electricity Bill, Latest Telephone Bill, Most Recent Credit Card statement (Any One).
  •  Income Proof (Salaried Employee) – Salary slips for the last 3 months, Form 16, Statement of bank account of last 6 months, last 2 years ITR.
  •  Income Proof (Self Employed) – IT returns for the last 3 years, Statement of bank account for the past 6 Month, proof of continuity of business, Invoices drawn on the clients, TDS certificate, business address proof business license details, qualification certificate for professionals, and balance sheet & P/L account of last 3 years.
  • Property documents
  • Additional documents for NRI and PIO customers (as requird by the bank)

FAQs

✅ How many types of SBI home loans are there?

SBI Regular Home Loan, SBI NRI Home Loan, SBI Realty Home Loan, SBI Pre-Approved Home Loan,  SBI Balance Transfer of Home Loan, SBI Privilege Home Loan, SBI Shaurya Home Loan, SBI Flexipay Home Loan, SBI Home Top Up Loan, SBI Smart Home Top Up Loan, SBI Tribal Plus, SBI CRE (Commercial Real Estate) Home Loan, SBI Insta Home Top Up Loan, SBI Bridge Home Loan, SBI Corporate Home Loan, SBI Home Loan to Non-Salaried-Differential Offerings, Pradhan Mantri Awas Yojana, SBI Earnest Money Deposit, SBI Reverse Mortgage Loan, and SBI Max-Gain Home loan are the types of home loans offered by the State Bank of India.

✅ What are the eligibility criteria for a SBI home loan?

The general eligibility conditions for availing SBI Home loans are as follows:

  • The home loan applicant should be a resident of India or an Non-resident Indian (NRI)
  • The applicant should be above 18 years of age at the time of loan application
  • The applicant should be salaried employee, self-employed professional, or a business owner.
  • The maximum age of the applicant should be upto 70 years at the time of loan maturity.
  • The maximum loan to value ratio granted is up to 90% of the property’s value
  • The maximum repayment tenure offered is up to 30 years.

✅ Which is the best SBI home loan scheme?

The best housing loan scheme depends on borrower’s requirement. The State Bank of India offers home loan schemes for construction, purchase of land/plot, home purchase, renovation or improvements of an existing home, extension or repairs, housing loan for NRIs, balance transfer and top-up loans. The borrower can choose any scheme that fits their requirement

✅ What is the current SBI home loan interest rate?

SBI offers a home loan to both salaried and self-employed professionals. The interest rate depends on the type of borrower, scheme type chosen by the applicant, and loan amount to be availed. Currently rates of interest on home loans offered by SBI start from 6.95% per annum for women borrowers and 7% for others. The interest rates are linked to the bank’s EBR (currently 7.80%) and may change as per the changes in EBR.

✅ What is the average tenure of a SBI home loan?

The average repayment tenure of SBI home loan ranges between 3 to 30 years.

✅ Can a single woman get a SBI home loan?

Yes, a single woman can avail SBI home loan  if she has her strong financial standing when applying for the loan. A single woman can also include a co-applicant (preferably who has a strong financial repayment capacity) while applying for the loan to increase her eligibility. Normally, SBI offers concession on interest rates and stamp duty charges for women, making it more convenient for them to repay the loan. SBI also extends “SBI Her Ghar Scheme” for women borrowers, which offers attractive interest rates and flexible repayment options to women.

✅ I have low credit score. Can I still apply for a SBI home loan?

If you have a low credit score, try improving your credit score first. The ideal credit score to obtain SBI home loan is 550 or above. The good credit score depends on your past repayment history, making timely EMI payments on existing loans, and timely credit card bills payment. Skipping any of your repayments or making any default can affect your credit score on a longer run.

Hence, if you apply with a low credit score, then you may face rejection on your SBI home loan application.

✅ How will SBI decide the loan amount I am eligible for?

SBI calculates the home loan amount eligibility based on the applicant’s net monthly income, repayment capacity, age, number of dependants, qualification, assets and liabilities, spouse’s income (if any), work stability and continuity, and savings history. The higher the disposable net monthly income (after tax, EMIs, and other deductions), the higher the loan amount will be.

✅ Do I get tax benefits on the SBI home loan?

Yes, you will get certain tax benefits on your SBI home loans. You will be entitled to a deduction of the interest paid on your house property up to the extent of Rs. 2 lakhs (in case of a self-occupied house) in an assessment year. You can also claim the full interest paid during the assessment year as a deduction without any limit, if you have paid the property on rent. 

Moreover, the component of the principal amount of such loan repayment can be claimed as a deduction from the total income under Section 80 C of the Income Tax Act, 1961 for the maximum limit of upto Rs. 1.5 lakhs.

News

14.07.2020: SBI home loan interest rate drops to 6.95%

Home loan interest rates right now are at a 15-year low and may spur demand for real-estate similar to what happened in 2004. Interest rate for SBI home loan is at a multi-year low, starting at 6.95% p.a. The previous low was seen in 2004 when the interest rate on SBI home loan was around 7% or even lesser than that. If you’re looking to purchase a home of your own, you can certainly take advantage of this low-interest-rate environment. The EMI and the interest outgoing burden in a low-interest regime will be lesser than when the rates go up.

06.08.2020: SBI embraces RBI’s move to allow retail loans restructuring

The move by Reserve Bank of India (RBI) today to give lenders the power to restructure certain corporate & individual loans has been welcomed by many banks, including the State Bank of India (SBI). The RBI said that it will permit banks to strike the rescheduling agreements with corporate borrowers that were on track to repay their loans on 01.03.2020, in the early days of the coronavirus outbreak.

 

Also Read: What Does a Home Loan Process Include?

 

To apply online for Credit Cards, Secured Loans and Unsecured Loans, visit www.mymoneymantra.com, the leading online lending marketplace that offers financial products from 100+ Banks and NBFCs. We have served 4 million+ happy customers since 1989.

 

Home Loan Interest Rates

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Category: Home Loan