About SBI Home Loan

State Bank of India (SBI) is India's largest Home Loan lender. Having helped more than 30 Lakh people achieve the dream of owning a home, SBI Home Loans is clearly a market leader in the segment. The banking major promotes core values of trust, transparency, integrity, and excellence and became "Best Home Loan Provider" at the CNBC Awaaz Real Estate Awards 2016. Currently SBI is among the top 50 banks in the world. 

Interest Rates   6.90% to 7.90%
Loan Amount Loan up to 95% of Project cost
Processing Fees Up to 0.40% of the Loan amount
Penal Interest Rate 2% per month
Prepayment/Foreclosure Charges Nil for floating Interest rate
Max Tenure 30 Years
EMI  659 Per Lakh

Table of SBI Home Loan Contents

Why Choose SBI Home Loan?

State Bank of India is India's largest public sector bank. After its merger with five associate banks, its banking network is robust with 24,000 branches. The extensive branch network ensures that one is never far away for a State bank of India anywhere in India. It is one of the principal factors why people all over the country choose SBI Home Loan.

If you want to opt for SBI Home Loan, expect the following:

Features and Benefits of SBI Home Loan

  • SBI Home Loan offers a wide range of home loan products to suit the needs of every customer.
  • These loan products include options for the purchase of readymade flats and houses, properties under construction, construction of a new house, purchase of a pre-owned home, an extension and/or repair of the house.
  • Customers get the benefit of the lowest interest rates in the industry.
  • SBI Home Loan charges low processing fees.
  • SBI charges interest on daily reducing balances.
  • Customers get the advantage of opting for long repayment periods extending up to 30 years.
  • The special home Loan Overdraft facility helps customers to save interest.
  • Women borrowers get concession in interest rates.

Types Of SBI Home Loan Interest Rates

SBI links its Home Loan interest Rates to its 1-year MCLR. As of 1st January 2020, its applicable 1-year MCLR is 7.90%. They have different rates for term loans and overdrafts as is evident from the interest rate tables furnished below. SBI offers Home Loan for women at 7.35% to 7.90%. For other borrowers, the interest rates vary between and 7.35% to 7.90%.

Types of SBi Home Loan Interest Rates 
  Up to 30 lakhs Above  75 Lakhs
SBI Repo Rate Linked Loan 7.95% 8.30%
SBI MCLR Linked Loan 7.95% 8.45%
SBI Flexipay Home Loan 7.95% 8.45%
SBI Pal 7.95% 8.45%
SBI Tribal Plus 7.95% 8.10%
SBI Gram Niwas 7.95% 8.10%
SBI Sahyog Niwas 7.95% 8.10%
SBI Home Loan Balance Transfer 7.95% 8.45%
SBI NRI Home Loan 7.95% 8.45%
SBI Privilege Home Loan 7.95% 8.55%
SBI Bridge Loan 8.10% 8.65%
SBI Shaurya Home Loan 8.10% 8.55%
SBI Home Loan for Self Employed 8.10% 8.55%
SBI Top Up Loan 8.30% 10.85%
SBI Realty 8.55% 8.85%
SBI Reverse Mortgage Home Loan 9.85%  

SBI Housing Term Loan Interest Rates for Salaried and Self Employed

SBI Housing Term Loan Interest Rates for Salaried Individuals

Category of Borrower

Up to 30 Lakhs

30 Lakhs - 75 Lakhs

Above 75 Lakhs


7.35% to 7.90% pa

8.15% to 8.20% pa

8.25% to 8.30% pa


7.95% to 8.00% pa

8.20% to 8.25% pa

8.30% to 8.35% pa

SBI Housing Term Loan Interest Rates Self-Employed Individuals


8.05% to 8.10%

8.30% to 8.35%

8.40% to 8.45%


8.10% to 8.15%

8.35% to 8.40%

8.45% to 8.50%


The rate of interest varies depending on the risk score of the customer and the Loan-to-Value ratio.

SBI Housing Overdraft Loan Interest Rates for Salaried and Self Employed

Likewise the rates for the Overdraft facility are different according the customer profile. The Overdraft facility is available up to a maximum of 3 Crores whereas there is no upper ceiling for the term loan facility.

Borrower type

SBI Overdraft Loan Interest Rates for Salaried

Up to 30 Lakhs

Over 30 Lakhs and up to 75 Lakhs

Above 75 Lakhs and up to 3 Crores








8.55% to 9.30%

SBI Overdraft Loan Interest Rates for Self-Employed








8.70% to 9.45%

SBI Home Loan Processing Fee and Other Charges

  • 0.40% of the sanctioned loan amount
  • The minimum amount is 2,000
  • The maximum amount is 10,000

Note - These charges are exclusive of GST (presently 18%)

Other Charges

Pre-Sanction Stage

  • Advocate's fee for carrying out a legal search of the property and preparing title investigation report

  • Evaluator's fee for the valuation report

Note - As per actuals


  • Stamp Duty payable for Loan agreement and mortgage

  • Insurance of property

Note - Above charges as per actuals

  • CERSAI Registration fee of 50 + GST up to 5Lakhs and 100 + GST for loan limits above 5 Lakhs.

Types of Home Loan Offered by SBI Bank

State Bank of India offers various kinds of Home Loans depending on the category of borrower, the location of the property, and so on.

Types of SBI Home Loan

SBI Regular Home Loan

  • Anyone can avail this type of Home Loan to purchase a house in India.
  • It has low interest rate and processing fee.
  • There are no pre-payment charges and no hidden charges.
  • You can borrow up to 30 years tenor.
  • Home Loan Overdraft facility is available.
  • Interest Concession for Women Borrowers is available.

SBI Balance Transfer of Home Loan

  • This facility enables the customers to transfer the existing Home Loan balance from other banks and Non-Banking Financial Companies (NBFCs) to SBI, and avail the benefit of reduced interest rate.
  • Only resident Indians are eligible to obtain a loan under this category.
  • The minimum age of the applicant should be 18 years with the maximum age at the maturity of a loan as 70 years.

SBI NRI Home Loan

  • Home Loan available to Non-Resident Indians or Persons of Indian Origin to purchase property in India.
  • The age group of the applicant should be 18 years to 60 years.
  • The repayment of the loan should either come from abroad or from the NRO/NRE account of the borrower.

SBI Flexipay Home Loans

  • This facility is available exclusively to salaried borrowers.
  • You can exclusively pay only the interest amount during the moratorium period. You can use the advantage of paying moderated EMIs according to your convenience.
  • The EMI increases during the subsequent years.
  • The flexi loan is an advantageous alternative for the young borrowers as it helps them save enough for investment early in life.

SBI Privilege Home Loan

  • This product is available exclusively for government employees, public sector banks, PSUs of Central Government, and other individuals having pension facilities.
  • Home Loan overdraft facility is not available for this product, but there is an option to extend the repayment period beyond the retirement age of the employer subject to reaching the age of 70 years.
  • The maximum repayment period, in any case, should not exceed 30 years.
  • There is no processing fee, and the borrowers receive concessions in interest if the check-off facility is available.

SBI Shaurya Home Loan

  • The Defence Personnel can avail this Home Loan variant.
  • It does not attract any processing fee.
  • There are interest concessions if the check-off facility is available.
  • Home Loan Overdraft is not available.
  • You have an extended loan repayment period in this specific product. The maximum age of the borrower can go up to 75 years at the time of maturity of the loan.

SBI Pre-approved Home Loan or SBI Pal Home Loan

  • Depending on the income details of the applicant, SBI provides pre-approved Home Loans to enable borrowers to negotiate with the builder/seller.
  • This facility entails paying a non-refundable processing fee at the time of collecting the sanction.
  • The pre-approved loan agreement letter is valid for 4 months. The applicant must finalise the property and execute the documents within this period.
  • The minimum amount of loan applicable is 10 Lakhs. On finalising the property, it becomes a normal Home Loan.

SBI Realty Home Loan

  • Customers can avail this facility to purchase a plot for building a home. However, there is a binding condition that mandates the construction of a house within 5 years of the loan sanction.
  • You can apply for a loan for construction of the house as well.
  • This facility has a maximum ceiling of 15 Crores with a comfortable repayment period of 10 years (for the plot loan).
  • The overdraft facility is not available for this Home Loan variant.
  • The eligibility criteria are the same as it is for the regular Home Loan facility.

SBI Home Top-Up Loan

  • Existing Home Loan customers can borrow a specific amount over and above their Home Loan amount to cater to personal purposes.
  • The advantage is that the rates of interest are lower than the Personal Loan interest rates. Both residents and NRIs can avail Home Loan under this scheme.
  • The minimum and maximum age is 18 years and 70 years respectively.

SBI Bridge Home Loan

  • Homeowners aspiring to upgrade their homes or shift to bigger houses and better locations by selling their existing properties can avail the facility of the Bridge Home Loan.
  • It is to help the customers face the liquidity mismatch due to the time lag between the sale of existing property and the purchase of the new property.
  • Home Loan Overdraft facility is not available here.
  • The minimum amount of loan under this scheme is 20 Lakhs and the maximum is 2 Crores.
  • The loan tenure is for 2 years only.

SBI Smart Home Top Up Loan

  • Existing Home Loan customers can take advantage of this facility.
  • You get immediate sanction without producing any documents.
  • You can use these funds to meet personal expenses such as education of children, marriage, health issues, and repairs/renovation/furnishing of your home, and so on.
  • The maximum loan amount is 5 Lakhs.
  • The minimum and maximum age requirements are 18 years and 70 years respectively.
  • The borrower should have a CIBIL score of 550 or higher.
  • There should be no active Home Loan Top-Up or Insta Home Top-Up loan in the name of the borrower to use Smart Home Top Up.
  • The borrower should exhibit a satisfactory repayment track record of one year or more.

SBI Insta Home Top-Up Loan

  • The facility is available to pre-selected Home Loan customers over the internet banking platform.
  • It is an entirely online process with the selection of customers, processing, and disbursement of loans, and setting up of standing instructions (SI) for the repayment of the loan not involving any manual intervention.
  • The overdraft facility is not available in this Home Loan variant.
  • Existing Home Loan customers with a minimum Home Loan limit of 20 Lakhs with Internet Banking facility are eligible.
  • The borrower should exhibit a satisfactory repayment track record of 3 years or more.
  • The minimum residual tenure of Home Loan should be 5 years.
  • Minimum loan amount is 1 Lakh and the maximum is 5 Lakhs.
  • There should be no other active top-up Home Loans.
  • The borrower should have a minimum CIBIL score of 550.

SBI Corporate Home Loan

  • Corporate entities are eligible to avail this facility to construct or acquire residential units in the name of the company for the use of their directors, promoters, and employees.
  • The corporate entity should either be an existing SBI borrower or a debt-free company.
  • The balance takeover facility is also available in this Home Loan variant.
  • The entity should be in business for a minimum of 3 years and earned net profit in each of the last three years.
  • The existing loans of the company, if any should be in the standard category with no history of restructuring.
  • The company should have a rating of BBB and above.
  • Special Purpose Vehicles and Subsidiary Companies of corporate entities are also eligible for loans under this scheme if the parent company satisfies all the eligibility norms.
  • Under such circumstances, the parent company should stand as a guarantor for Home Loan. It should also have an adequate cash flow to cater to Home Loan installments.

SBI Home Loan to Non-Salaried Persons

  • Non-salaried self-employed individuals can avail of this variant of the SBI Home Loan. Such persons include proprietor of a proprietorship firm or a partner in a partnership firm or director of any company.
  • The firm should be in existence for a minimum of 3 years and earned continuous net profit for the last three years.
  • Minimum loan amount is 50,000 and the maximum amount is 50 Crores.

SBI Tribal Plus

  • People residing in hilly or tribal areas can avail this facility for purchasing or constructing their homes.
  • The house should not be more than 10 years old.
  • The advantage of this loan facility is that there is no requirement of creating a mortgage on the land.
  • This particular product is available for employees of Central and State Governments, PSU units and reputed Private Sector companies residing in the hilly and tribal areas of the North East and areas surrounding Patna, Chandigarh, Lucknow, Bhubaneswar, and Bhopal.
  • The maximum loan amount is 24 times the monthly income of the applicant subject to a maximum of 10 Lakhs.
  • The maximum repayment tenure is up to 15 years.

SBI CRE (Commercial Real Estate) Home Loan

  • Individuals owning two houses or more can seek financial assistance to acquire additional houses using this facility.
  • You can take a maximum of 3 loans under CRE. Therefore, the maximum number of Home Loans including the existing ones and the proposed one is not more than 5.

PradhanMantriAwasYojana (PMAY)

  • Persons belonging to low and middle-income groups who do not have a house in their name anywhere in India are eligible to apply for a Home Loan under the PMAY.
  • The Central Government has formulated this product and implemented through various banks throughout the country.
  • Home Loan borrower can get subsidy on Home Loan for up to 2.67 Lakhs under PMAY scheme.

SBI Home Loan Overdraft facility

  • SBI offers the benefit of an overdraft facility on your Home Loan.
  • The system works by combining your Home Loan account with your savings accounts. Any surplus amount in your savings account over a specific limit can be credited to your Home Loan account as a pre-payment.
  • The advantage of this product is that you can withdraw the surplus amount over your regular instalments at any time.
  • Home Loan overdraft product helps you to save interest in the long run.

SBI Max Gain Home Loan

  • SBI Max Gain is a financial product available to Home Loan borrowers who have taken a minimum Home Loan of 20 Lakhs.
  • This product enables the borrower to deposit their surplus plus in a separate account linked to Home Loan account.
  • It is akin to an overdraft account where you can withdraw and deposit any time.
  • The benefit is that SBI adjusts the outstanding amount deposited in the Max Gain account with Home Loan principal amount while calculating the interest for the month.
  • Investment up to Home Loan amount is tax free.

SBI Yuva Home Loan

  • This product targets the youth customers in the age group of 21 to 45 years.
  • The borrower is eligible for 20% higher loan amount than the standard Home Loan products. The borrower has the facility to pay the interest amount alone for the first 36 months subsequent to which the actual EMI will commence.
  • The applicant should be individuals employed with MNCs, PSU and Private Sector Companies, and Government undertakings.
  • The minimum salary requirement is 30,000 per month.

SBI Gram Niwas Home Loan

  • This loan product is a Home Loan product available to borrowers in rural and semi-urban areas.
  • The maximum amount of loan under this product is 5 Lakhs.
  • There are no processing fees for Home Loans in this product.
  • The minimum age of the applicant should be 18 years.

SBI SahayogNiwas Home Loan

  • This loan product is specifically available to members of Self Help Groups in rural areas that have a good track record of making regular payments.
  • The maximum loan amount is ten times the amount the SHG has accumulated as savings. For construction or buying of a new house, the maximum loan amount is 50,000 per member.
  • The maximum amount of loan for purchase of plot, repairs and renovation, and so on is 25,000 per member.

SBI Her Ghar Home Loan

  • This is a specific loan product exclusively for women.
  • The woman must be the sole applicant or the first co-applicant to be eligible for this loan. The applicant should either be the sole owner of the property or the first owner in case of joint ownership.

Read More: Types of SBI Home Loan 

How Much Home Loan Can I Get on My Property (LTV) from SBI?

The Loan to Value (LTV) ratio depends on the loan amount.

  • Loans up to 20 Lakhs - Maximum permissible LTV is 90% of the assessed value of property
  • Loans above 20 Lakhs - Maximum permissible LTV is 80% of the assessed value of property

SBI Home Loan Eligibility Criteria - Salaried and Self-Employed

 All types of salaried individuals are eligible for availing Home Loan from SBI. There are specific products for Central and State Government employees.

Similarly, employees of PSUs, public sector banks, and other Government departments like Defence have specialized products.

  • Minimum age - 18 years
  • Maximum age at maturity of the loan - 70 years (For select customers)
  • For salaried persons - the repayment should coincide with the time of retirement
  • There is no maximum ceiling on Home Loan
  • The value of the property, the income, and the repaying capacity playa vital role in the processing of the loan amount.

Non-Salaried Individuals or self Employed Professional's

Non-salaried individuals comprise of two categories, self-employed professionals, and self-employed non-professionals. They are also eligible for a Home Loan provided they submit credible and verifiable sources of continuous and regular income.

  • Minimum age - 18 years
  • Maximum age at maturity of the loan - 70 years
  • There is no maximum ceiling on the loan amount as the SBI Home Loan is need-based finance subject to margin stipulations.

How to Increase Home Loan Eligibility Amount

Bringing in a co-applicant enables you to enhance your eligibility amount. SBI considers the income of the co-applicant while processing your overall eligibility. A joint Home Loan is beneficial for various reasons. Both the co-applicants can get Income Tax benefits on repayment of interest and principal amount. However, you can claim income tax deduction only if the property is in your name.

Who can be a co-applicant for the SBI Home Loan?

You can apply for your Home Loan in joint names. People do so to improve the eligibility levels. It is because SBI considers the income of both the applicants while processing joint loan applications. However, there are specific restrictions on who can be a co-applicant.

  • Spouse - There is no problem at all. A legally-wedded spouse can be a co-applicant in a Home Loan.
  • Parents - Parents can also be co-applicants under the following circumstances.

Property is in the name of either of the parents - Under such circumstances, the parent has to be one of the applicants. However, you have to produce the No-Objection certificate from your siblings in case you wish to join as the co-applicant. It is because there can be inheritance issues in the future.

Property is in your name - Your parents can join as co-applicants to the loan provided they fulfil the age and income criteria (in case you wish to include their income to enhance your eligibility)

  • Siblings - Banks do not usually accept siblings as co-applicants because of legal issues that can crop up in the future. Unmarried sisters are also not acceptable to the banks because they can marry in the future and become part of another family.
  • Sons - You can include the name of your son as a co-applicant provided he satisfies the age and income criteria.
  • Daughters - Married daughters are not eligible to become co-applicant for your Home Loan. Banks are reluctant to accept unmarried daughters because of obvious reasons. They can marry in the future and become part of another's home.

Read More: Apply for Home Loan with Women co-applicant and get Lower Interest Rates

Documents Required for SBI Home Loan - Salaried and Self-employed

You should have the following documents ready with you while applying for SBI Home Loan:

KYC Documents

Identity Proof

  • Passport
  • PAN Card
  • Aadhar card
  • Driving Licence
  • Any other document issued by the Government authorities that proves your identity

Address Proof

  • Passport
  • Aadhaar card
  • Driving Licence
  • Ration Card
  • Registered Rent Agreement
  • Latest Gas Bill
  • Latest Electricity Bill
  • Most recent Credit Card statement

Income Proof

Salaried Employee

  • Salary slips for the last three months
  • Statement of bank account reflecting the salary credit
  • Income Tax returns along with Form 16 issued by the employer for the previous two years

Self-Employed Individual

  • IT returns for the last two years
  • Financial statements in case you do business (Balance Sheet and Profit/Loss statement duly audited)
  • Statement of Bank account for the past one year that shows credits received on account of business transactions
  • Proof of continuity of business (GST registration certificate and so on)
  • Invoices drawn on the clients

Property Documents

  • All documents related to the property right from the mother document until the last executed sale deed to establish continuity of title
  • Agreement to sale between seller and buyer
  • Construction agreement in case the property is under construction or proposed to be constructed
  • Encumbrance certificate for the past 30 years to establish continuity of ownership
  • Latest Property tax receipts
  • Other documents relating to payment of utility bills (electricity deposit, and so on)

Read More: Documents Required for Home Loan

Other Products Offered by SBI

SBI Home Loans offer the following loan products in addition to the ones described above:

  1. SBI Earnest Monet Deposit (EMD) - Government agencies like the Urban Development Authorities require the applicants to furnish earnest money deposit for booking plots/built-up homes. Applicants can take advantage of these short-term loans that offer up to 100% of the application money.
  2. SBI Reverse Mortgage-The Reverse Mortgage facility allows senior citizens of India to use their self-acquired or self-occupied home and generate sufficient income to meet their recurring needs. There are options of receiving a lump sum amount or in monthly instalments. The highlight of this facility is that the borrower need not service the loan during their lifetime.
  3. SBI Loan Against Property-Customers can use their self-occupied or rented property to avail mortgage loans from SBI and meet their emergency expenses such as marriage, house repairs, children education, and so on.

How to Calculate SBI Home Loan EMI?

You can use the SBI Home Loan EMI calculator at the website of MyMoneyMantra to determine your EMI. Here are the steps to follow: 

  • Visit mymoneymantra.com
  • Go to EMI Calculator under Financial Tools tab
  • Enter the loan amount you require
  • Enter the rate of interest for your Home Loan
  • Enter the total loan repayment tenure (in years or months)
  • Click on Calculate button

You get the complete details including your Loan EMI, Total interest payable on the loan, and total payable loan amount (principal+interest) or you can directly go to Home Loan EMI Calculator and enter all the details to check the exact EMI and Interest Amount.

SBI Home Loan - Effect of CIBIL Score

In contrast to personal loans and credit cards, banks are lenient with the CIBIL score for Home Loan. You need a minimum score of around 550 if you satisfy other eligibility conditions.

Why Apply for SBI Home Loan on MyMoneyMantra?

MyMoneyMantra is a reputed Home Loan service provider in India. You can compare the various Home Loan products of different banks on a single page on the website. It helps you decide on the best option. SBI offers many variants of Home Loans like Regular Home Loan, Home Loan Balance Transfer, NRI Home Loan, Flexipay Home Loan, and Privilege Home Loan and so on. The advantages of applying for SBI Home Loan on MyMoneyMantra are as follows:

  • You can check out the eligibility criteria and choose the right product
  • Use the eligibility table and arrive at the right amount of finance
  • Know your prospective Equated Monthly Instalment (EMI) using the EMI calculator

MyMoneyMantra specialists help you to:

  • Analyse your profile and repayment record
  • Understand the Home Loan policies of SBI
  • Be aware of the fine print, especially when it comes to offers that seem extremely attractive

How to apply for SBI Home Loan on MyMoneyMantra?

Applying for the SBI Home Loan on MyMoneyMantra is a straightforward process:

  • Access the official site of MyMoneyMantra
  • Select your gender
  • Choose the city of your residence
  • Check out the purpose of the loan. Each loan product has a distinct procedure to follow,
  • Finalise the city where you intend to purchase the property.
  • Provide information about the approximate value of the property you intend to purchase.
  • Submit details about your employment types, annual income, required loan amount, and a few personal details
  • Enter your phone number and email address
  • Accept the terms and conditions and proceed
  • You will get an OTP on your mobile number
  • Enter the OTP

You can now choose the loan provider, SBI Home Loans:

  • Keep your documents ready for verification.
  • The MyMoneyMantra team will contact you and assist you in applying for Home Loan. This service is free of cost.
  • The marketing team from SBI Home Loans will contact you to verify the documents.
  • You have to arrange for the valuation and legal scrutiny. SBI has advocates and evaluators on its panel to do the job.
  • SBI officials would like to have a personal interview with the prospective borrowers to assess the income levels, property, investments, credit history, and the source of funds to meet the margin requirements.
  • On completion of the verification process, SBI proceeds with the processing of the loan application.
  • On the approval of the loan, SBI provides the loan offer letter that contains the terms and conditions of the sanction.
  • You have to accept the terms and conditions and return one copy of the letter duly signed.
  • The execution of Home Loan documents is the next step.
  • The banks will disburse the loan as per the terms of the sanction.
  • Proceed with the creation and registration of the equitable mortgage.

SBI Home Loan - Customer Care

You can contact SBI Customer Care at their following Toll-Free numbers

1800-425-3800 and 1800-112-211


Real Estate and Housing Business Unit, State Bank of India, Corporate Centre,

Madame Cama Road, State Bank Bhavan, Nariman Point,

Mumbai 400021, Maharashtra

In case of any complaints - Email to homeloan.complaints@sbi.co.in

SBI Home Loan Latest News

SBI Home Loan Interest Rates at 30 bps Discount in 2021

State Bank of India has announced a yet another discount offer for home loan borrowers in 2021. Now you can seal a 30 bps discounted home loan interest rate for loans up to 5 crore if you have a good credit score and planning to purchase a property in a metro city till March 2021. Read More

SBI Extends COVID 19 EMI Moratorium Till Aug 31, 2020

Following RBI?s directions, SBI has extended EMI Moratorium by another three months till August 31, 2020 to ease cash flows of customers amidst COVID19 pandemic. The bank has sent SMS to eligible customers seeking their consent to continue Moratorium obtained in May 2020. A customers needs to reply yes to a designated virtual mobile number (VMN) mentioned in the SMS within five days to opt for EMI deferment. Read More

SBI Slashes MCLR by 35 bps; Home loan, Personal Loan & Auto Loan to be Cheaper

SBI has announced a steep reduction of 35 basis points in the marginal cost of funds-based lending rate (MCLR) across all tenors with one-year MCLR. The new rate of MCLR at 7.40 % will be effective April 10. Read More

SBI Reduces Interest Rate on Savings Account to 2.75%

State Bank of India (SBI), the country?s largest lender, announced on 7th April 2020 that it has cut interest rates on its saving accounts by 25 basis points (bps).Read More

SBI Home Loan EMI Moratorium Review: Cost, Terms, FAQs, & More

Following RBI's guidelines on extending financial respite to borrowers in the wake of the COVID 19 outbreak, the State Bank of India earnestly allowed its customers of all term loans and cash credit facilities to apply for an EMI moratorium and defer repayments for three months: March, April, and May. Read More

SBI Cuts MCLR across Tenures; Your Home Loan EMI Falls Yet Again

The State Bank of India has yet again reduced MCLR rates across all tenures by 15 bps. The new rates are effective from March 10, 2020. The new one-year MCLR rate stands at 7.75 %, six months MCLR at 7.7 % and the three months MCLR is set at 7.50 %. Read More

SBI's External Benchmark Rate Reduced by 25 bps - Cheaper Loans Ahead

After a few weeks when RBI maintained status quo on key policy rates, India's largest lender, State Bank of India announced on Monday a 25 basis points (bps) cut in its external benchmark rate. SBI is the first bank that has cut its external benchmark rate after RBI's monetary policy review in December. 100 bps = 1%

As per SBI's press release, the updated benchmark lending rate (EBR) will be 7.8 percent (which was 8.05% earlier). The revised rate will be effective from 1st January, 2020. The interest rates on new home loans will start from 7.9% p.a. (previously 8.15%).

SBI withdraws repo rate linked home loan product

Ahead of RBI?s mandate to link floating rates to external benchmarks, the State Bank of India (SBI) has withdrawn newly launched Repo-Rate Linked Home Loan scheme. Responding to a customer's query on switching to Repo Rate Linked Loan, the bank tweeted: Kindly note that RLLR based home loan scheme have been withdrawn. You can get home loan migrated to MCLR based home loan.

SBI cheers up Home Loan borrowers; cuts MCLR by 10 bps again

Bringing cheer to Home Loan borrowers, State Bank of India has yet again announced a 10 basis points rate cut on MCLR (Marginal Cost of Funds based Lending Rate) w.e.f September 10. The new MCLR will be 8.15% per annum. This is the fifth consecutive benchmark rate cut by SBI. Read More

SBI Offers Lowest Home Loan at 8.05% p.a from September '19

Luring housing customers ahead of the biggest festival season in India, the State Bank of India has announced the lowest rate of interest at 8.05% for its repo rate linked Home Loan product. The new rate will be applicable from 1 September to all existing & new customers of repo linked Home Loans.

SBI Cheers Home Loan Customers by Cutting down MCLR soon after RBI's Repo Rate Cut

Soon after the RBI announced repo rate cut in its third MPC of the FY, the State Bank of India rewarded the customers by declaring a straight 15 bps reduction in its benchmark lending rates across all tenors. This comes as a great cushion for Home Loan customers. The new rates will be effective from August 10. Read More

SBI drops online fund transfer charges on IMPS, NEFT & RTGS

State Bank of India has waived off charges on NEFT and RTGS transactions through the internet and mobile banking from July 1, 2019, and for IMPS transactions from August 1, 2019. Read More

SBI links its home loan rates of interest to the repo rate

SBI (State Bank of India) has announced a new housing loan scheme that can change the way how floating-rate housing loans are priced. The scheme will be available to the borrowers from 1st July 2019. P.K. Gupta, MD, retail & digital banking, SBI says that the principal amount that is to be repaid each year will be minimum 3% of the outstanding housing loan amount, in addition to the applicable interest rate. The EMI could fluctuate during the year, based on changes in repo rate. The lending rate for the new scheme starting at 8.4% will be pegged to the RBI?s repo rate (which is linked to the banks? MCLR right now).

SBI Introduces Home Loan product linked to Repo Rate; Slashes CC/OD rates

The State Bank of India has introduced a new Home Loan product that will be linked to RBI's repo rate. It will be available to new as well as existing customers from July 1, 2019. Read More

SBI Cuts MCLR Across All Tenures; Home Loans Get Cheaper

The State Bank of India (SBI) has announced a yet another reduction in Marginal Cost-Based Lending Rate (MCLR) by 5 bps across all tenures on Friday. The 1-year MCLR has come down from 8.5% per year to 8.45 % w.e.f 10 May, 2019. Read More

SBI Home Loan Interest Rates Reduced by 10 bps; MCLR slashed by 5bps Across Tenors

Transferring the benefits of RBI' repo rate cut, State Bank of India has slashed interest rates on housing loans up to 30 lakh by 10 basis points at 8.60 to 8.90% per annum. The MCLR across tenors is reduced by 5 basis points. The new rates are effective from April 10, 2019. Read More

Changes Expected in the Rate of Interest Date

After a hike in the repo rate to 6.5% in the latest RBI policy, SBI may raise their Home Loan interest rates. As on date, the minimum interest on Home Loans charged by SBI is 8.35%.

Extension of Zero Processing Fees

SBI has recently announced that it is extending the 'Zero Processing Fees' facility for another 3 With the festival season fast approaching, you can expect the concessions to continue up to Diwali.


SBI has taken the lead in ensuring that the PMAY becomes a success. SBI has done the maximum sanctions and disbursements under this scheme as they have the most extensive reach among all other banks in India.

Save Money with the SBI MaxGain Home Loan

Park your excess funds with this account and save interest on your home loan balances. You have the facility to withdraw this amount whenever you need. SBI provides you with debit cards, cheque books, and internet banking facility for this product. You have income tax benefits too with the MaxGain Home Loan account.

Pioneer in Providing Interest Rate Concessions to Women

SBI is the first bank in India that offered interest rate concession to women home loan borrowers. Now, almost all the banks have followed suit. In fact, SBI has a separate product, SBI Her Ghar Home Loan, to cater to women borrowers.


Can I apply for any home loan scheme offered by SBI?

Yes, you can apply for any home loan schemes offered by SBI. SBI offers multiple home loan schemes for each category of borrowers like regular home loan, shaurya home loan for defense etc.

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

SBI will ascertain your loan eligibility, which will primarily depend on your earnings & repayment capacity. Your repayment capacity is dependent on your monthly take-home salary, stability of income, assets, and liabilities, etc. Normally, SBI considers 50% of your monthly salary to be available for repayment. The tenure and interest rate will also ascertain the home loan amount. Add your spouse as co applicant it will increase the monthly income and chances will increase for higher loan amount.

What are processing fees on SBI Home Loans?

The processing fees on SBI Home loan is 0.40% of the loan amount in the range of 10,000-30,000 for individual borrowers.

Which documents should I check before purchasing a new property?

  1. Sale Deed
  2. Title Deed
  3. Approved Building plans
  4. Completion certificate - for newly constructed homes
  5. Commencement Certificate - for properties under construction
  6. Conversion Certificate - if there is a conversion of agricultural land to non-agricultural
  7. Encumbrance Certificate for the last 30 years
  8. 7/12 extract, 8A extract, Khata certificate, Patta, and so on depending on the state where you live
  9. Latest tax receipts
  10. Occupancy certificate
  11. Certificate of allotment - in case of MHADA and DDA properties

Can I get tax benefits from SBI Home Loan?

Yes, you will be eligible for tax benefits on SBI Home Loan under the following circumstances:

  • The principal payment of the EMI is permissible as a deduction under Section 80 C. You can claim for the maximum amount upto 1.5 lakh.
  • Interest paid on home loans is permissible as a deduction to the extent of 2 lakhs in case of self-occupied property. Furthermore, an additional rebate of upto 1,50,000/- is permissible for interest paid on home loans borrowed upto 31st March, 2020 for the purchase of an affordable home valued up to 45 lakh.

What is the maximum loan repayment period for SBI home loans?

SBI home loans offers maximum tenure of up to 30 years.

Can an NRI purchase property in India? Can they avail Home Loans from SBI?

Yes, NRIs can purchase property in India. They can also avail Home Loans either singly or jointly with a resident Indian. The loan is in INR, but the repayment should come from abroad. NRIs do not require any consent from RBI to invest in immovable property.

Can you get an HLBT for a higher amount and an extended period?

Yes, it depends on your income, age, and satisfying of other eligibility criteria.

What are the types of insurances available with SBI Home Loans?

  1. SBI General provides property insurance that protects the property from unpredictable damages and natural disasters like earthquakes, floods, tsunamis, and so on.
  2. SBI Life Insurance Company offers life insurance coverage to the term life insurance policyholder for a specific period. In case of any untoward incident resulting in the death of the policyholder, the SBI Suraksha plan offers full protection.

Who can be a co-applicant for a  SBI Home Loan?

All co-owners to the property should necessarily be co-applicants to the loan. Immediate members of the family can be co-applicants. Almost all banks insist on the spouse to be a co-applicant irrespective of whether the co-applicant is a co-owner or not.

Is there any restriction on the number of properties you can own?

No, you can own as many properties as you want. However, you cannot have more than 5 Home Loans outstanding at any point. 

What is the difference between a fixed rate of interest and a floating rate of interest?

The concept of the fixed rate of interest is that the rate of interest remains constant throughout the tenure of the loan. The floating rate concept envisages changes in interest rate depending on the market fluctuations. It can increase or decrease depending on various factors.

Does a change in the interest rate affect the EMI?

If the interest rate increases, your EMI should increase. However, banks do not pass on the burden by way of increasing the EMI. They prefer to extend the loan tenure while keeping the EMI constant. If there is a reduction in the rate of interest, the same logic applies whereby you can expect a reduction in the loan tenure accordingly. However, you have an option of keeping the tenure constant by agreeing to changes in the EMI amount at the time of execution of loan documents.

Which is better, the annual reducing balance or the daily reducing balance?

In the annual reducing balance method, the banks calculate the interest for the forthcoming year by the balance outstanding at the beginning of the year. However, SBI follows the daily reducing balance method where SBI calculates interest on the outstanding loan amount that reduces as you pay your EMIs. Hence, the daily reducing balance is beneficial.

What is the tax rebate available on a Home Loan?

Section 24 and Section 80C allows you a separate deduction on repayment of interest and principal amounts respectively subject to a ceiling of 2 lakhs and 1.50 lakhs respectively. You can also claim tax deductions on payment of stamp duty and registration even if you have not availed any Home Loan. First-time home buyers get additional rebates in income tax.

How can I improve my eligibility for Home Loan?

The best way to improve your eligibility is to close existing personal loans and loans having small tenure to increase your take home pay. A lower FOIR (Fixed Obligations to Income Ratio) can help you to improve your eligibility. Also, bringing in a co-applicant can also improve your Home Loan eligibility. SBI considers the income of the eligible co-applicant as well to determine your joint eligibility.

Does the SBI Home Loan amount cover the prepayment penalty in case of Home Loan Balance Transfers?

Yes, it does. However, you should satisfy the other eligibility criteria for Home Loan such as EMI/NMI, LTV ratio, and so on.

Is Balance transfer of Home Loan with Top-up facility available?

Yes, you get the benefit of a top-up loan along with the Home Loan balance transfer provided you satisfy all eligibility norms.

Where can I avail SBI Home Loans?

SBI has the largest network of branches in India. SBI has specialised retail loan processing centres and Home Loans sales teams across the country to cater to the Home Loan requirements of customers all over the country. You can also apply for your SBI Home Loan through MyMoneyMantra.

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