|Loan amount||Up to 90% of Property Value|
|Rate of interest||6.70% onwards|
|Tenure||Up to 30 years|
|Lowest EMI possible||Rs. 645 Per Lakh|
|Foreclosure Charges||Nil for floating rates|
|Penal Interest Rate||2% per month|
The benefits of SBI Home Loan can be summed up as:
SBI Home Loans are available at interest rate starting at 6.70 % 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 SBI Bank Home Loan up to 80-90% of property value.
Let’s walk through the Latest SBI Home Loan Interest Rates for different customer profiles:
|Up to 30 Lakhs||EBR + 15 bps |
Effective Rate is 6.80%
|EBR + 50 bps |
Effective Rate is 7.15%
|Above Rs 30 Lakhs to Rs 75 Lakhs||EBR + 40 bps |
Effective Rate is 7.05%
|EBR + 75 bps |
Effective Rate is 7.40%
|Above Rs 75 Lakhs||EBR + 50 bps |
Effective Rate is 7.15%
|EBR + 85 bps|
Effective Rate is 7.50%
|Up to 30 Lakhs||EBR + 30 bps |
Effective Rate is 6.95%
|EBR + 65 bps |
Effective Rate is 7.30%
|Above Rs 30 Lakhs to Rs 75 Lakhs||EBR + 55 bps |
Effective Rate is 7.20%
|EBR + 90 bps |
Effective Rate is 7.55%
|Above Rs 75 Lakhs||EBR + 65 bps |
Effective Rate is 7.30%
|EBR + 100 bps |
Effective Rate 7.65%
|Types of SBI Home Loan||Interest Rates|
|SBI Home Loan Scheme||Up to 30 lakhs||Above 75 Lakhs|
|SBI Repo Rate Linked Loan||6.80%||7.15%|
|SBI Tribal Plus||6.90%||7.25%|
|SBI Bridge Loan|
|SBI Shaurya Home Loan||6.80% onwards|
|SBI Top Up Loan||7.50%||7.70%|
|SBI Reverse Mortgage Home Loan|
Key SBI Housing Loan eligibility criteria:
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:
Below is the list of Documents Required for SBI Home Loan:
Processing fees:SBI Housing Loan Processing Fees is waived off till August 31. Earlier SBI loan processing fee was 0.4% of the loan amount, subject to minimum of Rs 10000.
Check for 50 lakh home loan EMI and apply easily on MyMoneyMantra.
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|
*For purpose of EMI calculation, flat rate of Interest @ 6.75% p.a. is considered. The calculation is indicative only and will change as per effective rate of interest offered to you
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.
Pradhan Mantri Awas Yojana (PMAY) is the housing credit subsidy scheme supported by the central government. The scheme was launched in 2005 and strives to provide credit linked subsidy benefit to build first own pucca house for people belonging to economically weaker sections, low income groups and middle income people of the country till 2022. Under PMAY till December 2020, the SBI has issued nearly Rs. 2 lakh Home Loans. As per government, more than Rs. 73 lakh houses have been grounded and nearly Rs. 43 lakh have been completed under this scheme. The last data for PMAY 2021 is March 30, 2022 for LIG & EWS categories.
|Lender||Maximum Loan Amount||Maximum Tenure||Interest Rate||Processing Fee|
|SBI Home Loan||Up to 90% of property cost||30 years||6.70% - 7.50%||*NIL till Aug 31.|
|ICICI Bank Home Loan||Up to 90% of property cost||30 years||6.75% - 7.55%||0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST|
|HDFC Ltd||Up to 90% of property cost||30 years||6.75% - 7.65%||Up to 1.50% or Rs. 4,500 (whichever is higher) + applicable taxes|
|Axis Bank Home Loan||Rs. 5 Crores||30 years||6.90% - 8.40%||Up to 1%, minimum Rs.10,000|
|Kotak Mahindra Home Loan||75% to 90 % of property value||30 years||6.65% - 7.30%||O.5% to 2.0 % + GST|
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
Know how good your score is
Get insights on how to improve it
Unlock offers as per your score
MyMoneyMantra is India’s largest phygital loan distributor. With trust of 70 lakh customers, we assure hassle free access to the best Home Loans up to 10 crore for housing loan borrowers in India. Our service is 100% free. We use latest technology and AI to serve customers across the length & breadth of our diverse country. Check Eligibility & Apply.
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 Home loan is up to 0.40% 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 SBI 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.
SBI Home Loans offer maximum tenure of up to 30 years.
Yes, NRIs can avail of SBI 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 SBI Home 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 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|