Following are the State Bank of India Home Loan fees & Charges:
|Loan amount||Up to 90% of Property Value|
|Rate of interest||8.40% - 10.05%|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 762 Per Lakh|
|Processing fee||Up to 0.35% of the loan amount|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% per month|
Following are the common features of SBI:
You can also check SBI Loan Against Property Online.
SBI Home Loans are available at interest rate starting at 8.40% - 10.05% p.a. The effective rate of interest depends on customer’s credit profile and repayment capacity. For example:
Furthermore, for the affordable segment i.e. home loans up to Rs 30 Lakhs, the applicant can avail of State Bank of India Home Loan up to 80-90% of property value.
Let’s walk through the Latest SBI Home Loan Interest Rates for different customer profiles:
|Credit Score||Term Loan||MaxGain|
|NTC/ NO CIBIL Score||8.60%||9%|
|Credit Score||Term Loan||Overdraft|
|NTC/ NO CIBIL Score||9.05%||9.35%|
|Credit Score||Term Loan|
|NTC/ NO CIBIL Score||8.60%|
|Credit Score||Term Loan||CRE Term Loan|
|NTC/ NO CIBIL Score||8.95%||9.15%|
Compare Loan Against Property Interest Rates from Top Lenders.
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|SBI Loan||Up to 90% of property cost||30 years||8.40% - 10.05%||0.35% + GST|
|ICICI Bank Home Loan||Up to 90% of property cost||30 years||9.00% - 10.05%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|HDFC Home Loan||Up to 90% of property cost||30 years||8.50% - 9.15%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
|Kotak Mahindra Home Loan||75% to 90 % of property value||30 years||8.70% - 8.95%||O.5% to 2.0 % + GST|
Check different offers on LRD Loans and Apply Online
State Bank of India offers a wide range of Home Loan schemes to cater different categories of borrowers, locations & housing finance needs. Let’s take a quick sneak peek.
Check out different Types of Home Loans Offered by SBI
To calculate home loan EMI, use SBI Home Loan EMI Calculator. All you need to do is share loan details- loan amount, rate of interest, and loan tenure in the calculator tabs. As you submit the data, you will get EMI calculation instantly.
Use various options to reach the most affordable home loan EMI. At MyMoneyMantra Home Loan EMI Calculator you will get monthly instalment, total interest amount and total loan repayment amount along with amortisation schedule.
You can also use other financial tools like SBI interest rate calculator, SBI balance transfer calculator etc as per your requirement.
Let’s use EMI Calculator and find out EMI for SBI Home Loans with different combinations of Home Loan Amount and tenor. Below we have calculated EMI for 10 Lakh, 20 Lakh, 30 Lakh, 40 Lakh, 50 Lakh SBI Home Loans for 10, 20 & 30 years respectively.
|Loan Amount||10 years||20 years||30 years|
|Rs. 10 Lakh Home Loan EMI||Rs. 12345||Rs. 8615||Rs. 7618|
|Rs. 20 Lakh Home Loan EMI||Rs. 24690||Rs. 17230||Rs. 15237|
|Rs. 30 Lakh Home Loan EMI||Rs. 37035||Rs. 25845||Rs. 22855|
|Rs. 40 Lakh Home Loan EMI||Rs. 49381||Rs. 34460||Rs. 30474|
|Rs. 50 Lakh Home Loan EMI||Rs. 61726||Rs. 43075||Rs. 38092|
|Rs. 60 Lakh Home Loan EMI||Rs. 74071||Rs. 51690||Rs. 45710|
*For purpose of EMI calculation, flat rate of Interest 8.40% - 10.05% is considered. The calculation is indicative only and will change as per effective rate of interest offered to you
Calculate your loan EMI through HDFC Home Loan EMI Calculator Online
Processing fees: SBI Housing Loan Processing Fees is waived off till March 31. Earlier SBI loan processing fee was 0.35% of the loan amount, subject to minimum of Rs 10000.
Comparison guide of Home Loan Processing Fees of All Banks/NBFC
Key SBI Housing Loan eligibility criteria:
|Monthly Income||Home Loan Amount|
|Rs. 25,000||Rs. 12,76,924|
|Rs. 30,000||Rs. 17,23,847|
|Rs. 35,000||Rs. 20,11,155|
|Rs. 45,000||Rs. 25,85,771|
|Rs. 50,000||Rs. 28,73,079|
|Rs. 55,000||Rs. 35,11,541|
|Rs. 60,000||Rs. 38,30,772|
|Rs. 65,000||Rs. 41,50,003|
|Rs. 70,000||Rs. 44,69,234|
|Rs. 75,000||Rs. 47,88,464|
Non-salaried individuals comprise of two categories, self-employed professionals and self-employed non-professionals. On submission of credible and verifiable proof for sources of continuous & regular income, the business owners or self employed can apply.
The basic eligibility criteria for SBI Housing Loan for self employed include:
|21 years to 30 years||30 years|
|31 years||29 years|
|32 years||28 years|
|33 years||27 years|
|34 years||26 years|
|35 years||25 years|
|36 years||24 years|
|37 years||23 years|
|38 years||22 years|
|39 years||21 years|
|40 years||20 years|
|41 years||19 years|
|42 years||18 years|
|43 years||17 years|
|44 years||16 years|
|45 years||15 years|
Compare Best Home Loan Interest Rates @8.50% from multiple Banks and NBFCs
Below is the list of Documents Required for SBI Home Loan:
If you want to pre-pay your loan before due date, here is the procedure to know How to Pre-close Your SBI Home Loan in India.
SBI Customer Care number: 1800 11 2018 (Toll Free)
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 complaints - email to email@example.com
You can check Home Loan Customer Care Number for All Banks & NBFCs
Apply for instant home loan online at Interest Rate starting from as low as 8.50% p.a. Pay EMI of just Rs. 769 per Lakh. Loan can be repaid in flexible tenure of up to 30 years. Apply now with minimal documentation. Check eligibility & get instant approval here.
Yes you can apply for SBI Home Loan Online. SBI offers 20 Housing Loan schemes including Regular Home Loan, Shaurya Home Loan, NRI Home Loan MaxGain & many more. Choose SBI housing loan according to your profile and tap the best offer, rate and terms.
SBI calculates your loan eligibility on the basis of your income & repayment capacity. Your repayment capacity is determined as per your monthly take-home salary, stability of income, assets, and liabilities. EMI should be less than 50% of monthly salary. The tenure and interest rate will also impact the eligibility for Home Loan amount. You can add a working spouse as a co-applicant & enhance the loan eligibility.
The processing fees on SBI loan is up to 0.35% of the loan amount, which will be in the range of Rs 10,000-30,000 for individual borrowers. For online applications, there is a waiver on processing fee. On Yono top up, flat Rs 2000 processing fee is applicable.
Here is the list of documents you should check before applying for a Home Loan for purchase of a residential property:
Yes, you will be eligible for tax benefits on Home Loan repayment. A) U/S 80 C you can claim tax deduction max up to Rs 1.5 lakh for principal repayment. B) Interest paid on Home Loans is permissible as a deduction to the extent of Rs 2 lakhs u/s section 24 in case of self-occupied property. Furthermore, an additional rebate of up to Rs 1,50,000 for home loan interest repayment is extended to Home Loans till 31st March, 2022 for affordable homes valued up to Rs 45 lakh. The tax benefit will be calculated as per the existing slab rate.
State Bank of India Home Loans offer maximum tenure of up to 30 years.
Yes, NRIs can avail of Home Loans to purchase a property in India. The loan is offered in INR. The repayment can be routed through overseas or NRE account in India. NRIs do not require any consent from RBI to invest in immovable property in India.
Yes, you can apply for SBI Home Loan Balance Transfer and avail of Top UP & extend tenure. However eligibility will be assessed based on your income, age, repayment history and capacity. There are different products for existing and new customers. You should explore the products and choose the best offer.
SBI General provides Property Insurance that protects the property from unpredictable damages and natural disasters like earthquakes, floods, tsunamis, and so on. It is optional with home loan.
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.
All co-owners are required to become co-applicant for Home loan by SBI. 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 spouse is a co-owner or not.
No, you can own as many properties as you want. However, you cannot own more than 5 Home Loans outstanding at any point.
Fixed rate of interest remains constant throughout the tenure of the loan. The floating rate on the other hand changes as per the market fluctuations. It can increase or decrease depending on various factors. Currently home loans are largely offered as floating rates in India.
Yes, in case of floating interest rates, the EMI change with change in benchmark lending rates. You have an option of keeping the tenure constant or EMI Constant at the time of execution of loan documents. Accordingly EMI will change or tenor will change with change in interest rates.
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, in case of daily reducing balance, interest on EMI is calculated every time on the outstanding loan amount. SBI uses daily reducing balance method and it substantially reduces your EMIs. Hence, daily reducing balance is beneficial.
Section 24 and Section 80C allows you separate deductions 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. The tax benefit is calculated as per the applicable tax slab.
The best way to improve your eligibility is to close existing Personal Loans and credit lines. It increases your take home pay. A lower FOIR (Fixed Obligations to Income Ratio) helps you to improve your eligibility. Also, bringing in a co-applicant improves your Home Loan eligibility. Income of all co-applicants determines joint eligibility for loan.
Yes, it does. However, you should satisfy other eligibility criteria for Home Loan such as EMI/NMI, LTV ratio, and so on.
SBI has the largest network of branches in India. The lender 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 online & paperless-ly through MyMoneyMantra.
Adding a co-applicant enhances your eligibility amount. SBI assesses total income of all co-applicants for evaluating loan eligibility. Further, all co-applicants (who are also co-owners) can avail of Income Tax benefits on repayment.
The amount of Home Loan sanction depends on the cost of property and your net debt to income ratio. The Loan to Value (LTV) for SBI Housing Loans will be calculated as below:
|Loans up to 20 Lakhs||Maximum LTV is 90% of the assessed value of property|
|Loans above 20 Lakhs||Maximum LTV is 80% of the assessed value of property|